The Bitcoin (BTC) rally has not started yet!!! Here’s why:

Almost all of $50,000 BTC sold but the price remains the same

According to a new report released by Arkham Intelligence, “The German government is running out of Bitcoin”.

On Thursday, the German government sent more than 5,000 BTC to exchanges, leaving less than 4,925 in its wallet, just 10% of the initial seizure.

While the sale of so many $50,000 BTC in a short period of time could have put a damper on prices, it failed to successfully push BTC back into a bear market.

Will Bitcoin OGs sell?

Mt. Gox’s creditors are starting to receive their BTC, which could become another selling pressure on BTC prices in the coming weeks and even months. Whether the original holders (OGs) in the Bitcoin space will sell more BTC remains to be seen.

Good CPI data but the market still fell

The CPI data released on Thursday was positive news for Bitcoin, and the market expected a more likely rate cut in September. Despite this, the market as a whole still fell, with the Nasdaq index falling 2% on the day.

What are the chances of Bitcoin rising?

At present, the price of Bitcoin has experienced a 27% reversal, which makes it more in line with the characteristics of the previous bull market adjustment. Nevertheless, the market is still on the sidelines, and it remains to be seen whether the weekly stochastic RSI indicator will show a tentative crossover rise.

Monday's opening will be key, and only when the two indicator lines cross the 20 level can a truly strong price momentum appear.

Although a rebound may be imminent, if the BTC price continues to be sluggish, the stochastic RSI indicator may stay at the bottom for quite a long time. The market generally believes that a rebound is imminent, but it needs to be patient and it may take some time.

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