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The German government’s Bitcoin reserves are nearly depleted, indicating a potential local bottom for BTC, as per recent technical analysis and market signals.
German Bitcoin Holdings Nearly Depleted
Cointelegraph reports that there is a possibility that the price of Bitcoin has reached its local bottom, as the German government is running out of Bitcoin to sell. A reaccumulation phase may be about to start, according to the technical indicators that are now available.
The wallet belonging to the German government has only 3,856 Bitcoin, and this is only three weeks after it began selling this cryptocurrency.
Bitcoin Falls Below $60,000 Amid Heavy Selling
In light of this, the price of Bitcoin has dropped below $60,000 during the course of the past week as a consequence of the additional selling pressure amounting to $222 million; nevertheless, indications of a possible bottom are beginning to emerge.
A total of 800 Bitcoins were transferred to the Kraken exchange by the wallet on July 12th, 500 Bitcoins were sent to the wallet "bc1q," and a further 1,000 Bitcoins were sent to the wallet "="139p."
Between the middle of June and the middle of July, the wallet began selling Bitcoin after it had been holding nearly 50,000 BTC since February 2024.
It is possible that the termination of the German government's sale of Bitcoin may assist Bitcoin in reaching its local price bottom.
Experts See Potential for Bitcoin Rebound
For instance, according to the well-known cryptocurrency expert Moustache, technical analysis that employs the Wyckoff method indicates that there is a possibility of a price bottom and a recovery that occurs above the psychological level of $60,000.
According to the analyst's report on July 11th, X:
In a post on July 11th, crypto trader MartyParty published the following chart, which shows that the Coinbase Premium is one of several signs that are pointing to a local price bottom:
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