The German Government sold every bitcoin it owned.
Does this mean the market is about to rise?
The German government has never brought bitcoin.
50,000 Bitcoin, or almost $2 billion, were taken from Movie2K in January 2024.
Yesterday, they sold the final 3846 Bitcoin on Kraken.
Their worst-ever trade would be this one.
What should we do next, though?
For 127 days, Bitcoin consolidated inside a rectangle. However, it collapsed below this range due to persistent government selling and market manipulation.
Current Situation:
- Bitcoin is trading between $54k and $59k.
- Fear levels are as high as they were 1.5 years ago, which might indicate that we are in a phase where investors are accumulating Bitcoin.
- Open interest is still positive, suggesting that there are many long positions in the market.
- The market might dip to around $55k-$56k to grab liquidity before potentially moving higher.
What to Do:
- Accumulate: Given that Bitcoin is holding strong above $58k despite recent selling, this could be a good time to buy.
- Place Buy Orders: Set your buy orders at different levels within the consolidation range to catch potential dips.
- Watch Whale Activity: There’s significant activity from large investors buying Bitcoin. This could indicate that a major move is coming.
- Position Early: Consider buying now to be ready for Bitcoin’s possible next big rise. Avoid trying to bet against the market’s current trend.
Overall, with Bitcoin showing strength and accumulation signals, it might be a good time to add to your position.