Bitcoin bottom closer as German government runs out of BTC to sell, ETFs witness largest inflow in five weeks

The German government runs out of BTC, easing bitcoin selling pressure.

Spot Bitcoin ETFs received $310 million on July 12, headed by BlackRock and Fidelity.

BTC holds over $58,000 on Saturday, extending weekly gains.

The withering selling pressure of German government BTC transfers, which reached $58,000 on Saturday, July 13, is easing. Bitcoin ETF inflows peaked in five weeks on Friday.

Arkham data demonstrates that the German government's BTC wallet is empty. Late Friday, the wallet paid 3,846.05 BTC worth approximately $223 million to Flow Traders and 139Po, a possible OTC service or institutional deposit.

The biggest asset by market capitalization was under selling pressure due to German government transfers. As the balance drops to zero, selling pressure should relax and Bitcoin price should rebound.

Bitcoin maintained its rise over $58,000 on Saturday. Bitcoin now trades at $58,142.

BlackRock and Fidelity drove a $310 million Spot Bitcoin ETF inflow on July 12. This was the greatest influx in five weeks. This encourages Bitcoin bullishness.

Bitcoin merchants have noticed its importance to the US presidential election and politics. Recent sources say Senator Cynthia Lummis supports Bitcoin.

Senator Cynthia Lummis supported Bitcoin in a July 12 Fox Business interview. Senator Lummis wants a fiscally autonomous America and believes Bitcoin in reserve might strengthen the US Dollar.


Bitcoin may rise above $63,631 barrier after over 9% gains. The BTC/USDT daily chart below shows that this is the 50% Fibonacci retracement level of Bitcoin's slide from $73,777 to $53,485.

Bitcoin confronts resistance between $59,400 and $63,288, the Fair Value Gap (FVG) upper barrier.

Moving Average Convergence Divergence (MACD) flashes green histogram bars above the neutral line, indicating Bitcoin's upward momentum.

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