Bitcoin is rapidly depreciating, and government holdings are almost zero
Recently, the German government has sold all of its nearly 50,000 BTC, dropping from a large amount of Bitcoin to zero in a short period of time. The Bitcoin market still showed a tenacious recovery ability after this huge sell-off, and the current BTC price is $58,700.
Everything is gone!
According to a report by Arkham Intelligence, the German government sold all of its 49,860 Bitcoins (about $2.9 billion) in three weeks. After the last batch of Bitcoins was sent, the government wallet received 0.0000321 Bitcoins from an unknown donor, worth only $1.87.
Bitcoin market recovery underway
As this massive sell-off comes to an end, the price of Bitcoin continues to recover. Since the local low 9 days ago, $BTC has risen 9.8%. A single seller dumping nearly 50,000 BTC in such a short period of time fully demonstrates the strong market demand for Bitcoin.
Bitcoin’s road to recovery
In just 4 hours, $BTC price seems to be attempting to break above the downtrend line. If this breakout is confirmed, the next resistance will be $58,500. Bulls will target the subsequent resistances of $60,000 and $61,400 after the breakout and if all goes well, the price could rise to the top of the range at $71,400.
Outstanding performance on key indicators
Zooming in to the weekly macro time frame, the importance of resistance can be clearly seen. The relative strength index (RSI) shows that the uptrend hits the midpoint of the indicator. Bull markets are usually characterized by levels above 50, so climbing back up and holding this level is crucial.
A more telling indicator is the Stochastic RSI at the bottom of the chart. The crossover of the blue fast line above the orange slow line needs to continue. If the two lines can cross above the 25 level, this will create strong price momentum that could push $BTC back to the top of the range, or even higher.
If you are still watching and cannot see the market trend clearly, you will only see a fall due to bullishness and a rise due to bearishness. Free ➕👗 ➕🌍 BTC7732
