- The price of Bitcoin has risen by more than 3% in the past 24 hours.
- The German government has again transferred BTC worth millions of dollars.
Bitcoin [BTC] finally showed signs of recovery when, after weeks of declines, the king of cryptos’ daily chart turned green. Thanks to that, the price of BTC broke above $57,000.
However, not everything worked in BTC’s favor as some major players, such as the German government, sold BTC as its price rose.
Bitcoin turns bullish
CoinMarketCaps facts revealed that the price of Bitcoin had fallen by more than 9% in the past seven days.
But things got better in the past 24 hours as the value of the king of cryptos rose by more than 3%, raising hopes for further price appreciation.
At the time of writing, BTC was trading at $57,290.27 with a market cap of over $1.129 trillion. As the price of BTC gained bullish momentum, some of the top players in the crypto space opted to sell their holdings.
Lookonchain is recent tweet revealed that the German government has transferred another 9,634 BTC, worth over $551 million, to Kraken, FlowTraders, Coinbase, Bitstamp, Cumberland and B2C2Group.
According to the tweet, the German government transferred 24,304 BTC, worth $1.44 billion as of June 19, and still held 28,988 BTC, worth $1.66 billion, at the time of writing.
In addition, a whale also deposited a significant amount of BTC. Another tweet from Lookonchain pointed out that a whale deposited 809 BTC, worth $45.18 million, into Binance.
This increase in selling pressure from a whale and the German government could negatively impact the coin’s price action and result in an end to BTC’s recently launched bull rally.
Will BTC’s Bull Rally End Soon?
As a few players applied selling pressure, AMBCrypto controlled CryptoQuant’s facts to better understand general market conditions.
We found that BTC’s exchange reserve was declining, indicating weak selling pressure.
However, the net deposit of BTC on the exchanges was high compared to the average of the past seven days, meaning selling pressure increased.
Moreover, selling sentiment was also dominant among US investors, which was evident in the red Coinbase premium.
Source: CryptoQuant
Nevertheless, a few other metrics seemed bullish. For example, BTC’s aSORP showed that more investors were selling at a loss. In the middle of a bear market, this could indicate a market bottom.
The binary CDD was also green, meaning that long-term holders’ moves over the past seven days were lower than average. They have a motive to hold on to their coins.
Source: CryptoQuant
Read Bitcoins [BTC] Price prediction 2024-2025
Next, we looked at BTC’s daily chart to see if the indicators point to a continued bull rally. The technical indicator Chaikin Money Flow (CMF) recorded an upswing, indicating continued price appreciation.
But the Money Flow Index (MFI) looked bearish as it moved south. This could, with the latest transfer from the German government, put an end to Bitcoin’s bull rally.
Source: TradingView