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

The German government is out of Bitcoin to sell, so the cryptocurrency’s price may have reached a local bottom. Technical indicators suggest that a reaccumulation phase may be about to begin. Three weeks after it began selling, the German government’s wallet contains just 3,856 Bitcoin BTC. Also, the extra $222 million in selling pressure has caused the price of Bitcoin to drop below $60,000 throughout the previous week, but indications of a possible bottom are beginning to show.

The wallet most recently transferred 800 Bitcoin to Kraken Exchange on July 12, 500 Bitcoin to wallet “bc1q,” and an additional 1,000 Bitcoin to wallet “=”139p.”

After storing close to 50,000 Bitcoin since February 2024, the wallet began selling the cryptocurrency in the middle of June.It is thought that Movie2k, the owner of the pirate movie website, was the source of the funding

The end of the German government’s Bitcoin selling could potentially help Bitcoin find its local price bottom, according to crypto analyst Mustache, who suggests a potential price bottom and recovery above the $60,000 psychological mark.

Crypto trader MartyParty published the chart below in a July 11 X post. Aside from the Coinbase Premium, other indications also suggest a local price bottom.

The Coinbase premium is a measurement that compares the price of Bitcoin on Coinbase . The premium indicates that US demand for Bitcoin is higher than global demand. To halt additional negative momentum, Bitcoin’s price must remain above $56,750, as Cointelegraph noted.