On Thursday (July 11), after rebounding above $58,000, Bitcoin fell back again and lost the integer mark. The panic of the German government's massive sell-off has not yet left the field of vision, and 10,000 Bitcoins were sold overnight. However, the on-chain analyst Ember shared the booking schedule, looking forward to the end of the liquidation wave soon, showing a bottoming signal for buying on dips.

He said that based on the recent sales frequency, there is a high possibility that Germany's Bitcoin will be liquidated this week.

He wrote: “On Wednesday, Germany transferred a total of 10,853.50 bitcoins to exchanges and market makers. According to the previous on-chain data, some unsold bitcoins may be returned from exchanges in the future, which means that the actual sales amount should be less than the current transfer amount.”

"Since they started selling bitcoins on June 19, they have transferred out a total of 36,748.40 bitcoins, equivalent to about $2.157 billion, and the number of bitcoins they still hold is only 13,110, equivalent to about $758 million."

“Based on the number of coins sold in recent days, there is a high probability that the remaining bitcoins will be liquidated this week.”

As Embers predicted, the “exchange return”, Arkham data showed that on Thursday, a total of 2,442 bitcoins were transferred from Kraken, Bitstamp, addresses starting with bc1q8pg, bc1qtk, bc1q7cva, bc1qvshz and bc1qz6tn to the “German Government” wallet.

Matt Hougan, chief information officer of crypto asset management company Bitwise, recently said that whether it is the repayment of Mt. Gox exchange or the sell-off by the US and German governments, these adverse market factors are temporary. They will only cause a short-term impact on liquidity, and this period will soon end.

In contrast, positive signals such as the continued net inflow of Bitcoin spot ETFs, Bitcoin halving, the upcoming listing of Ethereum spot ETFs, and expectations of a rate cut by the Federal Reserve will create a good long-term environment for the development of cryptocurrencies.

Therefore, Hougan believes that Bitcoin is likely to be pushed up to $100,000 by the end of the year, and Ethereum will also set a new historical high.

According to Fox Business reporter Eleanor Terret, Rostin Behnam, chairman of the U.S. Commodity Futures Trading Commission (CFTC), said that an Illinois court has confirmed that Bitcoin and Ethereum are digital commodities under the Commodity Exchange Act. Behnam also said that 70-80% of the cryptocurrency market is non-securities.

Bitcoin Technical Analysis

CMTrade said that Bitcoin RSI is below 50, MACD is negative and below its signal line, and the configuration is negative.

Moreover, the price is trading below its 20 and 50-period moving averages at $57,922 and $58,149 respectively.

“Our pivot is $58,210 and our preference is that as long as $58,210 is resistance, the downside will prevail.”

“The alternative is an upside breakout above 58,210 which would target 59,080 and 59,600.”