Bitcoin's resilience is evident as it has managed to stay above the $60,000 mark for 118 days in 2024, despite a brief drop on June 23. QCP Capital, a market commentator, highlights the German government's decrease in bitcoin transfers as a contributing factor to the cryptocurrency's stability. With only 250 BTC transferred recently, the government's actions suggest a potential halt to their selling activities.
The reduction in supply pressure has played a crucial role in keeping Bitcoin's price above the $60,000 support level, according to QCP. Additionally, QCP reports a significant turnaround in spot bitcoin exchange-traded funds (ETFs), with a net inflow of $52.4 million in the last two days following a week of net outflows.
This renewed investor interest reflects growing confidence in bitcoin's market position. QCP suggests that events like the Mt Gox release may have already been fully integrated into current pricing, further supporting the positive market sentiment. QCP Capital believes that these factors create an advantageous environment for gradually increasing bitcoin holdings and anticipates further market consolidation.
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