Bitcoin bottom closer as German government runs out of BTC to sell, ETFs see highest inflow in five weeks

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• 
  Bitcoin
  recovers
  from
  selling
  pressure
  as
  the
  German
  government
  runs
  out
  of
  BTC
  to
  sell. 
• 
  Spot
  Bitcoin
  ETFs
  recorded
  $310
  million
  in
  inflows
  on
  July
  12,
  led
  by
  BlackRock
  and
  Fidelity. 
• 
  BTC
  trades
  above
  $58,000
  on
  Saturday,
  sustaining
  gains
  from
  earlier
  in
  the
  week.

Bitcoin
(BTC)
is
recovering
from
the
crumbling
selling
pressure
of
German
government
BTC
transfers,
sustained
above
$58,000
on
Saturday,
July
13.
Another
key
market
mover,
Bitcoin
ETF
inflows,
hit
the
highest
level
in
five
weeks
on
Friday. 

$310
million
in
funds
flowed
into
Bitcoin
Spot
ETFs. 

Bitcoin
rallies
as
selling
pressure
fades

Data
from
Arkham
shows
that
the
wallet
used
by
the
German
government
to
transfer
BTC
is
now
out
of
funds.
The
wallet
sent
3,846.05
BTC
worth
over
$223
million
to
the
trading
firm
Flow
Traders,
and
139Po
(the
firm
marks
this
as
a
likely
OTC
service
or
institutional
deposit),
late
on
Friday. 

The
wallet
address
has
emptied
its
coffers,
with
zero
Bitcoin
balance. 

German
government
Bitcoin
wallet 

The
transfers
by
the
German
government
were
contributing
to
the
selling
pressure
on
the
largest
asset
by
market
capitalization.
As
the
balance
dips
to
zero,
the
selling
pressure
is
expected
to
ease
and
make
way
for
recovery
in
Bitcoin
price. 

Bitcoin
sustained
its
recent
gains
and
stayed
above
$58,000
on
Saturday.
At
the
time
of
writing,
Bitcoin
is
trading
at
$58,142. 

Data
from
Spot
Bitcoin
ETFs
shows
an
inflow
of
$310
million
on
July
12,
largely
driven
by
BlackRock
and
Fidelity.
The
inflow
was
the
highest
recorded
in
the
past
five
weeks.
This
supports
the
bullish
thesis
for
Bitcoin.

Bitcoin
traders
have
observed
the
asset
becoming
key
to
the
US
Presidential
election
and
politics.
According
to
recent
reports,
Senator
Cynthia
Lummis
shared
her
positive
view
on
Bitcoin. 

Senator
Lummis
says
Bitcoin
reserve
can
help
the
US
Dollar
remain
strong

During
a
Fox
Business
interview
on
July
12,
Senator
Cynthia
Lummis
made
a
statement
supporting
Bitcoin.
Senator
Lummis
said
that
having
Bitcoin
in
reserve
could
help
the
US
Dollar
remain
strong
and
this
is
part
of
her
vision
for
a
financially
sovereign
America. 

Senator
Lummis
said,

Having
Bitcoin
in
reserve
can
help
the
US
dollar
remain
strong.

The
positive
developments
could
support
BTC
in
extending
gains
in
the
coming
weeks. 

What
to
expect
from
Bitcoin
price

Bitcoin
could
extend
gains
by
nearly
9%
and
rally
to
key
resistance
at
$63,631.
This
coincides
with
the
50%

Fibonacci
retracement
level
of
Bitcoin’s
decline
from
its
March
14
top
of
$73,777
to
the
July
5
low
of
$53,485,
as
seen
in
the
BTC/USDT
daily
chart
below. 

Bitcoin
faces
resistance
at
the
upper
boundary
of
the
Fair
Value
Gap
(FVG)
at
$59,400
and
$63,288.
It’s
likely
that
Bitcoin
has
found
a
bottom
on
July
5
and
the
asset
could
extend
gains.

The
Moving
Average
Convergence
Divergence
(MACD)
indicator
flashes
green
histogram
bars
above
the
neutral
line,
supporting
the
positive
underlying
momentum
in
Bitcoin. 

BTC/USDT
daily
chart

Bitcoin
could
find
support
at
$56,771,
the
upper
boundary
of
the
FVG
below
the
current
price.
The
July
5
low
of
$53,485
could
act
as
support
in
the
event
of
a
steep
correction
in
BTC. 

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