Germany dumps more than 50% of their BTC holdings 🔻

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📅 Today

🔍️ Market Outlook

• Overall Bias - Bearish ⚠️ 

• BTC has now closed a weekly candle below it’s 200 Daily Moving Average & the 20 Weekly Moving Average, which is a bearish sign.

• Moving forward, the medium term outlook for BTC depends upon how quickly the price is able to reclaim these moving averages.

• Until the prices shoot up above $60,000 and hold steady above those levels, the outlook remains bearish.

• From a longer term perspective, once the price surges above $64,900 and we get a weekly close above that level, we can then expect the second leg of the bull-market to start and for the prices to start moving aggressively higher.

Germany keeps dumping BTC 🔻 

The German government is accelerating the pace at which they are selling their Bitcoin. At the time of writing in the past 24 hours, the government transferred 16,038.7 BTC worth $915.3 million to exchanges and market makers. They continue to transfer more Bitcoin to exchanges as we speak.

After these most recent transfers, the amount of BTC it holds is now down to about half of what it was when they started selling, from ~50K BTC down to ~24K BTC already.

They have transferred a total of 26,071 BTC ($1527.9M) since they started selling coins on June 19.

The government still has ~23,788 remaining Bitcoin worth $1.35 billion, which is expected to be continued to be dumped in the market over the coming few weeks.

Metaplanet buys an additional 42 Bitcoin 💰️ 

Japanese public firm Metaplanet has purchased an additional 42.466 bitcoins for 400 million yen ($2.5 million).

This raises their total holdings to 203.734 BTC, bought at an average price of about $62,000 per coin. Their BTC holdings are currently approximately -7% in unrealized losses.

The company’s decision to hold Bitcoin as a treasury asset was supported by prominent industry figures such as Mark Yusko and Jack Liu, and firms like Sora Ventures and UTXO Management

📕 Educational

Bitcoin V/S S&P 500 🔍️ 

Bitcoin’s correlation with the S&P 500 has dropped to -0.88, the lowest in over four years.

While the S&P 500 has hit new highs, up 9% in the last 120 days, Bitcoin is down 20% from its peak and has fallen about 18% during the same period. Similarly, Bitcoin's correlation with the NASDAQ is at its lowest in over a year.

Factors such as selling pressure from the US and German governments, concerns over the Mt. Gox Bitcoin distribution, and potential fiat liquidity issues have pushed Bitcoin's price down, even as the stock markets surge.

To return to normal correlation levels, either the S&P 500 would need to decline or Bitcoin would need to rise

📊 Stats

📈 Chart of the day

• Rationale & Confluences :

• Macro horizontal support

• Weekly discount zone

• 800 day accumulation zone support

• Range low support

• Look for bullish divergence on weekly or daily RSI’s at support for better entries.

• Another 20-30% drop can provide a great buy price for Filecoin.

• Source : Cointraction 

• Note : None of the content mentioned in the newsletter is financial advise. This is for educational purposes only.

🤣 Meme of the day

Not Financial Advise 😆 

That concludes our update for today!

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Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research before investing.