Bitcoin ETF

Bitcoin

Resistance

Bitcoin (BTC) has faced massive fluctuations due to several macro factors and industry-related events. This month, the German government’s sale of seized Bitcoin continues to shape sentiments amid criticisms from industry players. BTC price dropped below $55,000, levels not recorded in months after the momentum of spot ETF inflows.&nbsp;
The government seized 49,857 BTC and began moving assets to several centralized exchanges and wallets sparking wider selloffs and liquidations. These outflows plummeted the price of the crypto leader as well as a similar direction in altcoins. At press time, Bitcoin trades at $57,219, down 0.42% in the last 24 hours.
<h2 id="strong-german-flows-will-increase-sell-pressure-strong">German Flows Will Increase Sell Pressure</h2>
A major debate on social media spaces has been the impact of German Bitcoin sales and the activities of institutional investors. Certainly, massive sales and movement of assets to exchanges will weaken sentiments but some opine the fall was too low. This is due to increased spot <a href="https://coingape.com/bitcoin-etfs-dominate-us-market-in-q1-2024/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin ETF</a> inflows that saw assets rally to an all-time high above $73,000.&nbsp;
Similarly, <a href="https://coingape.com/peter-schiff-slams-bitcoin-bulls-lampoons-institutional-demand/" target="_blank" rel="noopener noreferrer nofollow">Peter Schiff</a> poked holes in the institutional inflows narrative noting that firms could have offered to buy the assets to reduce market impact. It should be noted that Justin Sun made an offer on X to buy the assets. As inflows to crypto exchanges continue, sentiments are to remain low.&nbsp;
At the moment, the <a rel="noopener noreferrer nofollow" href="https://platform.arkhamintelligence.com/explorer/entity/germany" target="_blank">German government</a> holds 39,826 BTC after selling about 10,000 assets with sell pressure accounting for over 10% of daily volumes.
<h2 id="strong-is-there-hope-in-sight-strong">Is There Hope In Sight?&nbsp;</h2>
Bitcoin users have criticized sales by the German government in recent weeks. Notable German legislator Joana Cotar spoke against the hasty sales of assets suggesting a move towards currency reserves. Bulls also look to potential interest rate cuts by the Federal Reserve to boost macro sentiments. This will see investors turning funds into risky assets and can drive up prices. Crypto users eye a return of the market cap above $2.5 trillion which currently sits at $2.11 trillion.&nbsp;
Also Read: <a href="https://coingape.com/trending/top-crypto-gainers-losers-of-the-week-5/" target="_blank" rel="noopener noreferrer nofollow">Top Crypto Gainers &amp; Losers Of The Week</a>
The post <a href="https://coingape.com/trending/can-bitcoin-hold-resistance-amid-german-sales/" rel="noopener noreferrer nofollow">Can Bitcoin Hold Resistance Amid German Sales?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Can Bitcoin Hold Resistance Amid German Sales?

Innholdsfortegnelse

Coingape News Media

Andre artikler publisert på 8. juli 2024

Cryptocurrency Internet Computer Falls More Than 3% In 24 hours

Bitcoin Miner TeraWulf Is Open To Merger To Widen Profit Margin

BTC is oversold while price volatility declines

Hedera (HBAR) and Algorand (ALGO) Prices Suffer From Bitcoin Crash While Rollblock Remains Strong...

Newly Released Meme Coin to Invest In Now, Sunday, July 07 – UpSideDownCat, Molly, Mario Coin, Wi...

Bitcoin Drops to $54,200 After Weekend Recovery

Bli med på vårt gratis nyhetsbrev for daglige kryptooppdateringer!