Can Bitcoin Resist the US and Germany Sell-Off? QCP Capital Answered!

Cryptocurrency analysis company QCP Capital shared a report on the current status of the cryptocurrency market.

The report shared by QCP Capital on June 27 included the current status of the Bitcoin and cryptocurrency market. It was emphasized that 4 thousand BTC was transferred to the US cryptocurrency exchange Coinbase yesterday, but Bitcoin still remains above 60 thousand dollars.

60 thousand support will be defended

Analysts stated the reasons for this, stating that the 60 thousand support will be defended and will not fall below it easily. It was emphasized that the German government reduced the large amount of Bitcoin sales and only 250 BTC were sent to the exchanges yesterday:

The German Government is slowing down the pace of sending Bitcoin to exchanges, only 250 BTC was sent yesterday. This could be a possible indication that we are nearing the end of the current selling regime.

On the other hand, the QCP front, reminding that the 7-day negative series in spot Bitcoin ETFs has been broken, noted that there were positive entries for 2 consecutive days on June 25-26.

Analysts also noted that Mt. He suggested that Gox's billion-dollar redistribution may have been largely priced in and that it was time to slowly start accumulating Bitcoin.