CryptoIntelligence 2024-07-22 03:21:15

Bitcoin Oversold in June Following German Sell-Off, Signals of Bullish Reversal Emerge

Bitcoin Oversold in June Following German Sell-Off, Signals of Bullish Reversal Emerge

According to a report by asset manager ARK Invest released on July 18, Bitcoin became oversold in June due to Germany’s government initiating a multibillion-dollar sell-off of 50,000 BTC seized in a 2020 police sting against Movie2k, a streaming platform for pirated content. This sell-off caused Bitcoin prices to plummet from highs exceeding $70,000 in early June to a low of less than $55,000 during a brief dip in July. “Based on short-term-holder realized profits/losses and miner outflows, Bitcoin appears oversold,” the report stated. The report, which focuses on the period through June 30 but includes more recent data, added,

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