Germany’s Bitcoin sell-off – Assessing the impact of 50K BTC being offloaded

AMBCrypto had reported previously about the German government selling its BTC holdings in batches. The state’s Criminal Police Office...

Investors have been keeping a close eye on the German government for quite some time now, as it has been constantly selling. This might not be the case for long though as according to the latest updates, the government has sold off all of its BTC holdings.previously about the German government selling its BTC holdings in batches. The state’s Criminal Police Office confiscated 49,857 BTC from the operator of Movie2k.to in January.

However, BTC’s Coinbase premium revealed that buying sentiment was strong among U.S investors. Additionally, its Korea premium was also green. Simply put, Korean retail investors’ buying pressure has been relatively strong.Here, it’s worth pointing out that at the time of writing, BTC had finally registered some gains, as insignificant as they may be, after weeks of corrections. It was valued at just under $57,850 on the charts following a minor hike of 2% in over 7 days.

Our analysis of IntoTheBlock’s data revealed that both the bulls and the bears were competing equally last week. This can be supported by the fact that their number of transactions accounting for 1% of the trading volume remained the same.On the contrary, Glassnode’s data revealed that BTC is still trading below its possible market bottom. As per the PI Cycle Top indicator, BTC is priced below its market bottom of $65k.

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