It is stated that there may be a significant fluctuation in the Bitcoin price; because the German government's Bitcoin reserves are rapidly depleting. Technical indicators give signals that the market may enter the accumulation phase again. Since the government only has a few thousand BTC left in its possession, this could lead to significant changes in market dynamics.
German Government's Bitcoin Stocks Are Decreasing
There are currently only 3,856 BTC in the German government's Bitcoin wallet. The government started Bitcoin sales three weeks ago and reached this amount. Selling pressure has pushed the BTC price below $60,000 over the past week. However, there are signs that a potential bottom is starting to emerge.
Recent Transactions and Sales
Notable transfers from the government purse on July 12 include:
800 BTC to Kraken exchange,
500 BTC to “bc1q” wallet,
1,000 BTC transferred to wallet “139p”.
These sales followed the Bitcoin sales that the German government started in mid-June. The government held approximately 50,000 BTC since February 2024; These funds are thought to have been seized from the operators of the pirated movie site Movie2k.
Possible Effects on the Market
The German government's reduction in Bitcoin stockpiles could mean the end of a significant selling pressure in the market. This could signal the start of a reaccumulation period and lead to a local bottom in the BTC price. Investors and traders will carefully watch for signs of this potential accumulation period.
Critical Support Level
According to the Wyckoff method used in technical analysis, it is stated that the Bitcoin price should remain above the $ 56,700 level. This level is critical to prevent further declines. “I expect BTC to break above $60,000 very soon,” crypto analyst Mustache said in a post on July 11.
Demand Indicators and Coinbase Premium
Other indicators also point to a local price bottom. Crypto trader MartyParty stated that Coinbase Premium increased in the chart he shared on July 11. Coinbase Premium compares the Bitcoin demand of US investors internationally by measuring the price difference between Bitcoin traded on Coinbase and other exchanges. The increase in this premium shows that the demand for Bitcoin is increasing in the USA.
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