Bitcoin Rising Despite Selling Pressure
The selling pressure triggered by Mt. Gox was increased by the German government's Bitcoin (BTC) sales. It seems that the selling pressure is not over yet, but Bitcoin attracts attention with its strong stance and is prevented from falling further. Bitcoin dropped to $53,485 on July 5 for the first time since February 27, 2024. Although Bitcoin recovered slightly over the weekend and rose to $ 58,000, it dropped sharply yesterday to $ 54,795, but then started to rise again and returned above $ 57,000. It is currently trading around $57,760.
Selling pressure increased in crypto markets after Mt. Gox announced the date when creditors will transfer their BTC. Afterwards, the German government started selling BTC, which increased the selling pressure and the German government sold almost half of its BTC.
It looks like the selling pressure is not over yet, so volatility may continue, so it is better to be cautious. However, I think Bitcoin's strong stance will be appreciated in the future. I believe that once the selling pressure ends, it can start a much stronger bull run than the previous ones. It is beneficial for short-term investors to be cautious, on the other hand, I believe that long-term investors will be rewarded much more in the future. We'll wait and see.
Upvoted! Thank you for supporting witness @jswit.