- The German government transferred BTC worth millions of dollars.
- However, buying sentiment remained dominant on the market.
The last month of the second quarter of the year was in the best interest of Bitcoin [BTC] investors. This was the case as BTC witnessed multiple price corrections.
Meanwhile, the German government has taken a step that could have a negative impact on the price of the king of cryptos.
Are Investors Selling Bitcoin?
CoinMarketCaps facts revealed that BTC witnessed a price drop of over 11% in the last 30 days. In the last seven days alone, the value of the coin fell by more than 6%.
At the time of writing, BTC was trading at $61,043.62 with a market cap of over $1.2 trillion. The price drop left more than 12% of BTC investors without money, according to IntoTheBlock’s facts.
While that was happening, Lookonchain’s latest tweet revealed that the German government transferred BTC worth millions of dollars.
To be precise, the German government re-transferred 750 BTC, worth $46.35 million, of which 250 BTC, worth $15.41 million, was transferred to Bitstamp and Kraken.
As a result, AMBCrypto planned to check the data to find out if the selling pressure on BTC was high.
Our analysis of CryptoQuant’s facts revealed that the net deposit of BTC on the exchanges was high compared to the average of the past seven days, indicating high buying pressure.
The king of cryptos’ foreign exchange reserve also fell sharply last month, further showing that investors were buying BTC as its price fell.
Nevertheless, selling sentiment was dominant among US investors as Coinbase Premium was in the red at the time of writing.
Source: CryptoQuant
What can you expect from BTC?
High purchasing pressure often leads to price increases. Therefore, AMBCrypto checked Glassnode’s data and found a bullish metric.
According to our analysis, BTC’s NVT ratio has fallen sharply in recent days. Generally, a decline in the measure means an asset is undervalued, indicating a possible price increase in the coming days.
Source: Glassnode
Read Bitcoins [BTC] Price prediction 2024-25
Next, we planned to analyze the daily chart of the coin to better understand whether it was waiting for a price increase. According to our analysis, BTC’s Relative Strength Index (RSI) was near the oversold zone.
This could put more buying pressure on the coin and help boost its price. The Chaikin Money Flow (CMF) also registered a slight increase, indicating a possible price increase. Nevertheless, the MACD remained in favor of the bears.
Source: TradingView