What is causing the increase in Bitcoin price today?

Bitcoin Price Surge Explanation

• Bitcoin’s recent rise is attributed to two main factors:
• The German government running out of BTC to sell
• A weakening US dollar

Bitcoin has seen a 1.70% increase, reaching approximately $58,885. The German government has sold off most of its 70,000 BTC holdings, with only 9,100 BTC remaining. This selloff amounted to over $2.5 billion and led to a 12.70% drop in Bitcoin’s price, followed by a 10% recovery in the past eight days.

Institutional investors have been buying the Bitcoin dips, particularly those with holdings between 1,000 and 10,000 BTC. This trend aligns with BTC’s recent 23% price decline, indicating a strong accumulation process among whales.

The US dollar Index (DXY) has also declined by 0.90% to reach around 104, its lowest level in five weeks. This drop is attributed to rising bets on an interest rate cut in September and a mounting US government deficit of $1.27 trillion year-to-date until June.

Bitcoin’s technical analysis suggests an oversold bounce, with the price aiming to break above $59,000 and target the 200-4H EMA at $61,235 in July.

It’s important to note that this article does not provide investment advice, and readers should conduct their own research before making any decisions.