The German government got rid of all of its Bitcoin, but it could still be a bit early to expect a trend reversal in BTC price.
On July 12, the X social network was aflame with multiple on-chain data outlets and independent analysts announcing that the German government’s Bitcoin wallets now have a zero balance. A portion of this group is suggesting that Bitcoin (BTC) price will go on an upward tear now that this assumed sell-pressure has been removed from the market.
Despite the news, Bitcoin price remains constrained within a tight range where $60,000 serves as resistance and $54,000 as support.
Let’s take a look at some of the technical factors behind Bitcoin’s recent price action.
