💥The German government recently sold $325 million worth of Bitcoin over two days, resulting in a 3.5% drop in its price. This sale is part of their plan to liquidate 50,000 BTC seized from the piracy site Movie2k.to in 2020. The strategic selling approach by the German government has significantly impacted recent market fluctuations, contributing to Bitcoin's nearly 9% decline over the past fortnight.

Efforts to boost Bitcoin above $66,000 have been challenged by substantial liquidations of long positions, with approximately $150 million liquidated in the last 24 hours alone. However, the German government's decision to employ dollar-cost averaging (DCA) rather than a large, single-market sale appears prudent, mitigating more severe market disruptions.

It's fortunate the German government opted for a DCA approach instead of a single large sale. Personally, I would have preferred a more bullish stance, holding out for at least $150,000 per Bitcoin. However, such a move might overly hype Bitcoin. Haha!

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