Bitcoin price is trading at levels close to $57,400 at the time of writing and has entered a gradual recovery process. After the opening of the US markets, new BTC transfers from Germany caused a short-term decline. However, this decline was temporary and BTC returned to its previous levels after open positions in futures weakened. So, how do market experts interpret this situation?

BKA, affiliated with the German government, quickly spent more than half of its BTCs and its reserves began to decrease. More than 25 thousand BTC was sold through transfers made to market makers and direct exchanges. This suggests that a large portion has been sold and the remaining transfers could be a similar amount. In light of these developments, QCP Capital analysts focused on the current situation in the market note they published at the time of writing.

The BTC price dropped below $55,200 on Monday after the German Police transferred $900 million worth of BTC. However, the market recovered quickly and analysts still believe that an uptrend will begin.

Various metrics indicate that oversold conditions are occurring. Based on historical data, an uptrend is generally expected to begin when oversold conditions occur, especially in the middle of an uptrend. The markets are still in an uptrend and the downtrend has been going on for a long time.

It would not be surprising to see Bitcoin making attempts towards $70,000 levels in the next few weeks and seeing strong demand in the ETF channel. But in a high-risk and volatile environment like cryptocurrency, it can be difficult to predict what will happen in the future.

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