BTC price taps $58K as vital Bitcoin bull market trendline reemerges

Bitcoin shrugs off the latest round of German government onchain transactions, but BTC price resistance trendlines stay out of reach.

• Bitcoin revisited $58,000 around the July 9 Wall Street open as the German government moved more of its BTC holdings.
• Data from Cointelegraph Markets Pro and TradingView showed upward BTC price momentum culminating in daily highs of $58,102 on Bitstamp.
• The exchange was one of several involved in the latest round of transactions to and from a wallet belonging to the German state. Both inbound and outbound BTC transactions occurred on the day, the latter involving around 3,000 BTC at the time of writing.
• The day prior saw another source of debate in the current market, coins belonging to defunct exchange Mt. Gox, also move onchain.

BTC price unfazed as German gov’t moves continue

In its latest bulletin to Telegram channel subscribers, trading firm QCP Capital saw increased presence of “speculative” trading behavior.

“The market is highly reactive to supply movements, suggesting speculative selling pressure rather than real spot demand. This may indicate a market over-positioning for the downside.”

BTC/USD traded up 1.5% on the day, something which began to give some market observers cause for modest optimism.

Another chart revealed price reclaiming a support level at around $56,750, this coinciding with previous lows seen at the start of May.

Bitcoin analyst sees need for “catalyst”

Continuing, Keith Alan, co-founder of trading resource Material Indicators, was similarly cautious.

“For me, a push back down to $54.3k would invalidate. Seeing some moderate strength at the moment, but I think we need a catalyst or a fat block of BTC bid liquidity to reclaim the 200-Day Moving Average.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.