Bitcoin

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Bitcoin’s&nbsp;price may have seen the local bottom as the German government is running out of Bitcoin to sell. Technical indicators point to the potential beginning of a reaccumulation phase.
<h2 id="german-government-is-nearly-done-selling-bitcoin">German government is nearly done selling Bitcoin</h2>
The German government’s wallet is <a href="https://cointelegraph.com/news/germany-bitcoin-wallet-down-to-9000-btc-transfers">down to just 3,856 Bitcoin</a>&nbsp;(<a href="https://cointelegraph.com/bitcoin-price">BTC</a>), only three weeks after it started selling.
As a result, the additional $222 million worth of selling pressure has pulled BTC’s price below $60,000 over the past week, but signs of a potential bottom are <a href="https://cointelegraph.com/news/buying-the-dip-bitcoin-institutional-investors-add-100k-btc-week">starting to emerge</a>.&nbsp;
In its latest transfers on July 12, the wallet sent 800 BTC to Kraken exchange, 500 BTC to wallet “bc1q” and another 1,000 BTC to wallet “="139p.”
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/53f35776-7b2b-4f66-bacd-8989e6f50a84.png" alt="Bitcoin bottom signal? German gov’t runs out of BTC to sell" title="">
 <figcaption style="text-align: center;">
 German government wallet. Source: Arkham Intelligence
 </figcaption>
</figure>
The wallet started selling Bitcoin in the middle of June after it held nearly 50,000 BTC since February 2024. The funds are believed to have been seized from the pirate movie website operator Movie2k.
<h2 id="bottom-may-be-in-but-btc-s-price-needs-to-hold-56-700">Bottom may be in, but BTC’s price needs to hold $56,700</h2>
The end of the German government’s Bitcoin selling could help Bitcoin find its local price bottom.
For instance, technical analysis using the <a href="https://cointelegraph.com/news/how-to-trade-crypto-using-wyckoff-accumulation-theory">Wyckoff method</a>&nbsp;points to a potential price bottom and a recovery above the $60,000 psychological mark, according to popular crypto analyst Moustache.
The analyst <a href="https://x.com/el_crypto_prof/status/1811321789370306618/photo/1" target="_blank" rel="noopener nofollow">wrote</a> in a July 11 X post:
<blockquote data-ct-non-breakable="true">
 “I think we will see BTC back above $60,000 very soon.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/27ef8bd3-ac20-49c8-876d-d95eef920618.jpg" alt="Bitcoin bottom signal? German gov’t runs out of BTC to sell" title="">
 <figcaption style="text-align: center;">
 Bitcoin Wyckoff reaccumulation pattern. Source: Moustache
 </figcaption>
</figure>
Other indicators are also pointing to a local price bottom, including the Coinbase Premium, according to crypto trader MartyParty, who <a href="https://x.com/martypartymusic/status/1811461678132809747" target="_blank" rel="noopener nofollow">shared</a> the chart below in a July 11 X post.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/ee55b699-2080-4277-b15e-70746aa7e17c.jpg" alt="Bitcoin bottom signal? German gov’t runs out of BTC to sell" title="">
 <figcaption style="text-align: center;">
 BTC, COinbase Premium, 1-week chart. Source: MartyParty
 </figcaption>
</figure>
The Coinbase premium measures the price differences between Bitcoin on Coinbase, largely used by United States investors and Binance. The premium signals US demand for Bitcoin compared to the rest of the world.
Related: <a href="https://cointelegraph.com/news/buying-the-dip-bitcoin-institutional-investors-add-100k-btc-week">Buying the dip? Bitcoin institutional investors add 100K BTC in a week</a>
However, as Cointelegraph reported, Bitcoin’s price <a href="https://cointelegraph.com/news/key-btc-price-levels-bitcoin-58k-sticky-us-ppi">needs to hold above the $56,750</a> mark to stop further bearish momentum.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin bottom signal? German gov’t runs out of BTC to sell

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Cointelegraph

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