Bitcoin price rally to $65K fueled by ‘complete exhaustion’ from sellers

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.

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.Read more