During its trip to lower values, Bitcoin tested the price low from the last major correction, which also served as the low of the sideways trend.
Thanks to the bounce from the bottom, the price of Bitcoin was able to get back above the rising trendline again, which is very positive as it could indicate a false breakout to lower values. However, it is still true that until Bitcoin breaks the value of the descending trend line, it will still be in a negative sentiment with downward pressure on the price.
Capital outflows from bitcoin wallets to private storage are also a thorn in the side of many investors. This exact move was made to a Bitcoin wallet named German Government (BKA) by Arkham, from where a total of 6,500 BTC worth $425 million was transferred. These bitcoins were transferred to Kraken and Bitstamp exchange trading accounts. Despite such significant Bitcoin movements, this wallet still holds a total of 43,359 BTC worth a total of $2.83 billion.
The outflow of bitcoins also continues for spot ETFs for bitcoin, with the total over the past 10 days exceeding USD 1 billion. Since the inception of its ETF, Grayscale has seen a total BTC outflow of $18.4 billion. These data show a weaker end to the first half of the year, which was more than positive for the world's most famous cryptocurrency. So we'll see how the second half of the year turns out, from which investors expect a lot.
