German Government Offloads Its Final Bitcoin Holdings, What is Next …??

The German government officially has zero $BTC left after weeks of dumping its reserves onto the market, keeping the price below $60,000

The final transaction included 3,846 Bitcoin 

 sent to “Flow Traders and 139Po,” which Arkham described as “likely institutional deposit/OTC service.” The transaction followed weeks of increased selling pressure from the German government, which offloaded tens of thousands of Bitcoin in several tranches.

Most of the 50,000 $BTC dumped by the German government over the last three weeks resulted from an asset seizure and was largely responsible for keeping the market below the $60,000 price point and its 200-day exponential moving average.

Despite the German government exhausting their Bitcoin reserves, selling pressure from the $9 billion Mt. Gox reimbursement plan may keep the price of Bitcoin suppressed in the coming weeks and sustain the climate of fear, uncertainty, and doubt that has plagued the market in recent months.

Industry Experts believes that investors seeking windfall profits could sell up to 99% of Mt. Gox’s $8.2 billion. The exchange collapsed in 2014 when the price of Bitcoin was still trading for hundreds of dollars.. 

During the heightened selling pressure, institutional investors bought the dip. Data from CoinShares revealed that United States exchange-traded funds (ETFs) raked in $295 million in inflows for the week of July 8, reversing several weeks of suppressed inflows into the investment funds…

let's see where $BTC Heading next....

is it towards $70K... ?

Or to $48K …?

Let me know your thoughts in the comments..