The market has been relatively flat since yesterday evening, with decreasing volume, which is typical for a weekend.
- Recent selling pressure is largely attributed to big entities selling Bitcoin.
đ©đȘ German Government Selling Bitcoin:
- The German government sold some Bitcoin yesterday, though it remains unclear if they will continue to sell.
- The impact of this selling is expected to be relatively minor.
đČïž Market Structure and Technicals:
- The overall market structure is still bearish, but there are some slight bullish confirmations.
- Breakouts have occurred above key levels of 54,500, 55,000, and 56,000.
- The critical level to break above for sustained bullish momentum is 57,000.
𧫠Expectations:
- A recovery is anticipated over the weekend, assuming no further selling by the German government today.
- The next 24 hours are expected to be bullish, with potential changes on Sunday and Monday.
- If the market breaks above 57,000, bullish momentum is expected to drive prices up to 58,500.