German Government Concludes Final BTC Sale – Is the Sell-Off Finished?

The cryptocurrency market has been undergoing notable fluctuations in recent months, with Bitcoin, the largest digital asset by market capitalization, remaining central to this volatility.

Currently, Bitcoin is trading just above $57,000, indicating a 2.08% decline over the past 24 hours.

BTC Daily Chart Source: CoinGecko

Despite recent drops in trading volumes, which reflect a cautious approach among investors, Bitcoin continues to be a key player in the financial landscape.

Bitcoin has demonstrated resilience in the face of broader market downturns, maintaining a market capitalization exceeding $1 trillion.

In the last month, macroeconomic factors and specific market events have impacted Bitcoin’s price fluctuations. Notably, institutional inflows have been significant, with over $800 million invested in U.S. spot Bitcoin ETFs in just the past week.

This surge in institutional investment has reinforced confidence in Bitcoin’s long-term prospects, even as short-term market conditions remain unstable.

However, the recent drop from the $59K level it reached yesterday to $57K is primarily attributed to the new Bitcoin sales by the German government, following a series of earlier sales in recent weeks, which have led to a considerable decline for Bitcoin and other cryptocurrencies.

German Government’s Final Bitcoin Sales: Over $184 Million Worth of Bitcoin Sold Out

The German government has recently resumed the sale of its Bitcoin holdings, adding further volatility to the market.

On July 12, German authorities conducted multiple transactions, transferring a total of 3,200 Bitcoin across various platforms, including Bitstamp, Kraken, and Coinbase, with each platform receiving 400 BTC.

Additionally, 1,000 BTC and 500 BTC were dispatched to two unidentified addresses. This distribution strategy is designed to alleviate extreme price fluctuations typically caused by large sales. Historically, government-led Bitcoin sales have led to increased market volatility, as seen in recent movements.

Germany Government BTC Transactions Source: Arkham Intelligence

Later that day, the German government sold off the remainder of its Bitcoin holdings, according to data from Arkham Intelligence.

BREAKING: The German Government is now out of Bitcoin.

The German Government just sent 3846.05 BTC ($223.81M) to Flow Traders and 139Po (likely institutional deposit/OTC service).

The German Government has 0 BTC ($0.00M) remaining. pic.twitter.com/R2vfylR1b2

— Arkham (@ArkhamIntel) July 12, 2024

The final transaction involved 3,093 Bitcoin sent to a wallet address ending in “ybVu,” following weeks of increased selling pressure from the German government, which had offloaded tens of thousands of Bitcoin in several batches.

The majority of the 50,000 Bitcoins sold by the German government over the past three weeks were a result of asset seizure.

These Bitcoin sales have played a significant role in keeping the market below the $60,000 threshold and its 200-day exponential moving average.

Price Prediction: Bitcoin Ready for a Moonshot as Sell-offs Come to an End

At present, Bitcoin is trading above $57,500, exhibiting signs of stability following intense selling pressure. The consolidation above this level suggests a potential base for a renewed bullish movement.

In the near term, Bitcoin encounters a crucial resistance level at $58,200, which it has struggled to exceed over the past week. Successfully breaking through this resistance could lead to a subsequent test of the $60,200 level.

Technical analysis indicates that Bitcoin is showing strong bullish momentum. On the 4-hour chart, Bitcoin is nearing the 100-day Simple Moving Average (SMA), suggesting a possible upward trend.

Bitcoin Simple moving average 1458 days (4 years) Source: Bitbo

The break above the bearish trendline, followed by a successful retest, indicates that Bitcoin is positioned for a potential upward movement.

Moreover, the Composite Trend Oscillator also suggests a bullish outlook and signals movement into the overbought zone.

As the situation unfolds, the conclusion of the German government’s Bitcoin sell-off could alleviate a significant source of daily selling pressure from the market.

With the German government depleting its Bitcoin reserves, the crypto market may see diminished volatility and renewed buying interest.

This could propel Bitcoin’s price higher, particularly if macroeconomic conditions, such as anticipated Federal Reserve rate cuts, offer additional support.

Traders should closely observe key resistance levels, as a breakthrough above $60,200 could indicate the onset of a more sustained upward trend for Bitcoin.

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Wiener AI, a project that combines whimsical elements of a dog, sausage, and AI-driven trading, has raised over $7.3 million in its ongoing presale, reflecting the community’s enthusiasm for its innovative approach.

Amid the final Bitcoin sale by the German government, Wiener AI has successfully attracted investors with its remarkable staking activity. The community has staked an impressive 64% of the total $WAI supply, yielding substantial rewards for participants.

The project provides a variety of features, including AI-enhanced trading, seamless sausage swaps, zero fees, and MEV sandwich bot protection, addressing the evolving needs of crypto enthusiasts.

The growing investor interest has also garnered them over 15K followers on X (formerly Twitter) and more than 12,000 community members on Telegram.

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