Bitcoin recovers from sharp declines and retests key resistance point 📈

U.S. Bitcoin ETFs have seen net inflows of $438 million over the past two trading sessions Bitcoin has fallen about 20% since early June, pressured by fears that creditors of the collapsed Mt. Gox exchange will start reselling their cryptocurrencies in a market worth nearly $8 billion. 

What's more, at the same time, German police in Saxony began selling some of the 50,000 bitcoin they had previously seized from Movie2k.to, a website that Saxony found guilty of money laundering and other illegal activities.

About a week ago, a cryptocurrency wallet owned by Germany's Federal Criminal Police Office (BKA) began transferring thousands of BTC to exchanges, including Kraken, Coinbase and Bitstamp, signaling its intention to sell them. The bitcoin holdings in the portfolio decreased to 23,788.

U.S. bitcoin ETFs have seen net inflows of $438 million over the past two trading sessions. Source: XTB

Bitcoin is regaining some ground today, and is thus attempting a sustained return above the barrier of the 200-day EMA (golden curve), which is now regarded as a major checkpoint on the cryptocurrency. Source: xStation