Bitcoin price has rallied above the $64,000 mark. Glassnode, a market intelligence platform, has analyzed this notable increase, which attributes the current price movement to a significant easing of sell-side pressure, particularly from the German government. Exhaustion of Sell-Side Pressure According to the on-chain data provided by Glassnode, the recent uptick in Bitcoin’s price is largely due to what they describe as the “complete exhaustion” of sell-side forces, particularly those stemming from the recent governmental actions. Over the past weeks, the German government has been a big seller, selling off tonnes of Bitcoin, leading to an earlier price decrease at below $54,000. Related Reading: Institutions Grab Over $5 Billion Bitcoin in a Week: Are They Predicting a Mega Rally? Nevertheless, despite these sales, the market has not moved lower than that mark, suggesting that this selling was anticipated and factored into prices by the markets. Glassnode’s report highlights that from July 7 to July 10, approximately 39,800 BTC flowed out of labeled wallets, marking a critical phase of market absorption. Also contributing to the price surge, as highlighted by Glassnod ..
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