Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-faces-supply-pressure" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Faces Supply Pressure</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/bitcoins-technical-analysis-a-glimpse-into-the-future-of-cryptocurrency-prices" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>‘s recovery trajectory has hit a roadblock due to increased supply pressure, primarily from the German government’s substantial Bitcoin liquidations. While June’s US CPI <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a> initially fostered hopes of a bullish trend in the crypto <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market</a>, the pace of Bitcoin’s rebound remains sluggish, keeping its value below the anticipated $60,000 mark.</p>
<h2 id="what-s-driving-bitcoin-s-market-dynamics">What’s Driving Bitcoin’s Market Dynamics?</h2>
<p style="text-align: justify">Despite a drop in ETF fund volumes below $100 million on July 11, 2024, Bitcoin saw a net inflow of $79 million, marking the fifth consecutive day of positive inflows. Leading this charge were BlackRock’s IBIT ETF fund, with an impressive $72.1 million inflow, and Fidelity’s FBTC ETF fund, which attracted $32.7 million. In stark contrast, Grayscale’s GBTC ETF fund experienced significant outflows amounting to $37.7 million, a notable increase from the previous day.</p>
<h2 id="why-did-germany-offload-bitcoin-holdings">Why Did Germany Offload Bitcoin Holdings?</h2>
<p style="text-align: justify">The German government significantly reduced its Bitcoin reserves, now holding only 9,094 Bitcoins valued at approximately $521 million. This came after the sale of 6,458 Bitcoins worth around $379 million in just 24 hours. The massive sell-off is linked to the seizure of 50,000 Bitcoins from Movie2k operators, who had illegally distributed over 880,000 pirated movies since 2008. With ongoing sales, Germany’s Bitcoin holdings could deplete within two days, having already dropped from 49,000 Bitcoins to 9,100 since June 19, 2024.</p>
<h2 id="bitcoin-chart-analysis">Bitcoin Chart Analysis</h2>
<p style="text-align: justify">Currently, Bitcoin’s price struggles below the daily EMA 200 average and faces increased rejection at higher levels. Despite reaching $59,500 recently, it couldn’t breach the short-term resistance trend line. If it fails to close above the EMA 200 average, Bitcoin may continue to test the negative cycle support trend line. Presently, Bitcoin trades at $57,329, with an intraday Doji bar observed during Asian market hours.</p>
<h2 id="key-insights-for-investors">Key Insights for Investors</h2>
<p style="text-align: justify"><strong>Investor Takeaways</strong></p>
<ul>
 <li>Monitor ETF fund inflows and outflows for market sentiment.</li>
 <li>Keep an eye on government actions that impact Bitcoin’s supply.</li>
 <li>Watch Bitcoin’s interaction with the EMA 200 average for price direction.</li>
</ul>
<p style="text-align: justify">Investors should closely monitor these factors to make informed decisions in a volatile market.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-faces-supply-pressure" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Faces Supply Pressure</a></h5>

Bitcoin Faces Supply Pressure

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