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 Bitcoin holdings.
BTC price unfazed as German government moves continue
Data from Cointelegraph Markets Pro and TradingView showed upward Bitcoin
BTC
$58,126
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 moved onchain.
“Bitcoin market is still heavily influenced by psyops,” Ki Young Ju, CEO and founder of onchain analytics platform CryptoQuant, argued in a post on X.
“Govt BTC selling is negligible compared to overall liquidity, and most Mt. Gox BTC holdings haven’t moved to creditors. CT still blames the drop on govt selling. Smart money is replacing dumb money. We’re still early.”
In its latest bulletin to Telegram channel subscribers, trading firm QCP Capital saw an increased presence of “speculative” trading behavior.
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“Despite thin liquidity, BTC and ETH have made higher lows this week, with dips bought up aggressively,” it observed.
“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.
“Bitcoin is showcasing some initial signs of stability after the crash,” one of them, popular trader and analyst Rekt Capital, told X followers.
Rekt Capital produced a chart showing the downward-sloping trendline in need of breaking for a full recovery to take place. It included relative strength index (RSI) data, which on daily timeframes was teasing bullish divergence with price.
“This Downtrend will be challenged if the Bullish Divergence plays out,” he added.
Another chart revealed the price reclaiming a support level at around $56,750 and 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.
Related: Bitcoin ‘Power Law’ sees up to 300% BTC price gains by late 2025
BTC/USD, he said, still lacked momentum for a reclaim of levels lost in recent weeks, including the 200-day moving average (MA) at $58,822.
“This new Trend Precognition signal on the Bitcoin Daily signal indicates that price isn’t likely to go lower than yesterday’s candle ‘today,’” Material Indicators’ X account stated about one of its proprietary trading tools.
“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.”
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