On July 8, the price of Bitcoin (BTC) fell 7%, returning to $53.354 and leading to the liquidation of $62 million of long positions. However, a subsequent rise of 7% to $58.215 in less than 8 hours caught the bears by surprise, leading to the forced covering of short positions on $96 million 😮

Cryptocurrency analysts believe that the transfer of 16,308 BTC by the German government over the past 24 hours has dampened the appetite of Bitcoin traders. However, this also gives hope to the bulls as half of the confiscated coins have already been sold, indicating that selling pressure has eased.

According to trader and influencer RookieXBT, Bitcoin investors will likely wait until the German government's sale is completed before adding positions.