Bitcoin miners appear to be capitulating
In Alex O'Donnell's article for the Cointelegraph portal and according to a report by asset manager ARK Invest published on July 18, Bitcoin reached oversold levels in June after Germany's government initiated a sale of 50,000 BTC seized in a 2020 police raid against Movie2k, a pirated content streaming platform.
To wit, “The sale caused the price of Bitcoin to fall from highs exceeding USD 70,000 in early June to a low below USD 55,000 during July's brief downturn.”
On the other hand and, “Based on gains/losses realized by short-term holders and miner selling, Bitcoin appears oversold, according to the report, which focuses on the period through June 30 but includes more recent data”
To wit, “Sustained investor appetite for BTC exchange-traded funds (ETFs) has been another bullish sign, according to ARK. The report noted that the strong BTC selloff did not trigger a massive sell-off in spot BTC ETFs.”
Finally, “One risk to BTC's continued strong performance is the global economic situation. Corporate profits are steadily declining as pricing power diminishes, a sign of economic weakness, according to ARK”
SOURCES CONSULTED
Cointelegraph. Bitcoin oversold after German gov’t sell-off — ARK Invest. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
