Bitcoin price displayed surprising strength after various market participants absorbed over 48,000 BTC that the German government sold.
Bitcoin (BTC) price is experiencing a “near-term sell-side relief” as it marched through$65,000, according to onchain data from Glassnode.
Data from Cointelegraph Markets Pro and TradingView reveals that in the ongoing recovery, the price of Bitcoin has rallied more than 20% from a low of $56,616 on Friday, July 12, to an intraday high of $65,210 on July 16, which Glassnode attributes to “complete exhaustion of the German government sell-side pressure.”
According to the market intelligence firm, large entities, including miners and institutions, have historically been primary sources of sell-side pressure. The recent drawdown in Bitcoin price to $53,000 has largely been attributed to expected repayments by the defunct Japan-based crypto exchange Mt. Gox and BTC sales by the German government.
