- Bitcoin’s price has risen by more than 3% in the past 24 hours.
- The German government has again transferred millions of dollars worth of BTC.
Bitcoin [BTC] finally showed signs of recovery when, after weeks of declines, the daily chart of the king of cryptos turned green. Thanks to that, the price of BTC broke through $57k.
However, not everything worked in BTC’s favor, as a few major players, such as the German government, sold BTC as its price rose.
Bitcoin Turns Bullish
from CoinMarketCap facts revealed that Bitcoin’s price had fallen by more than 9% over the past seven days.
But things improved over the past 24 hours, with the value of the king of cryptocurrencies rising by more than 3%, raising hopes for further price increases.
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’s Recent Developments tweet revealed that the German government transferred another 9,634 BTC, worth over $551 million, to Kraken, FlowTraders, Coinbase, Bitstamp, Cumberland, and B2C2Group.
According to the tweet, the German government has transferred 24,304 BTC since June 19, worth $1.44 billion. At the time of writing, the government still held 28,988 BTC, worth $1.66 billion.
In addition, a whale also deposited a substantial amount of BTC. tweet Lookonchain pointed out that a whale deposited 809 BTC, worth $45.18 million, to Binance.
This increasing selling pressure by a whale and the German government could negatively impact the price movement of the coin and could result in an end to the recently unleashed BTC bull market.
Will BTC’s bull run end soon?
As a few players exerted selling pressure, AMBCrypto controlled the price of CryptoQuant facts to better understand general market conditions.
We saw BTC’s Exchange Reserve decrease, indicating weak selling pressure.
However, the net flow of BTC onto exchanges was high compared to the average of the last seven days, meaning selling pressure increased.
Moreover, selling sentiment among US investors was also dominant, as evidenced by the red Coinbase premium.
Source: CryptoQuant
Nevertheless, a few other metrics seemed bullish. For example, BTC’s aSORP revealed that more investors were selling at a loss. In the middle of a bear market, it could indicate a market bottom.
The Binary CDD was also green, which means that the movements of long-term holders in the last seven days were lower than average. They have an incentive to hold on to their coins.
Source: CryptoQuant
Read Bitcoins [BTC] Price Prediction 2024-2025
Next, we looked at the daily chart of BTC to see if indicators were pointing to a continued bull rally. The technical indicator Chaikin Money Flow (CMF) registered an uptick, indicating a continued price increase.
But the Money Flow Index (MFI) looked bearish as it moved south. This, with the latest transfer from the German government, could put an end to Bitcoin’s bull rally.
Source: TradingView