The Bitcoin market is currently experiencing a tug-of-war between bulls and bears. On one hand, Germany's government has been selling off its Bitcoin stash, which has pushed the price under $65,000. On the other hand, big players like MicroStrategy are buying every dip. Germany currently holds $3 billion worth of Bitcoin, with $1.1 billion in unrealized profits. The recent sell-off from the German government and the massive outflows from the spot Bitcoin ETFs have been behind the selling pressure.

Meanwhile, other Bitcoin whales are taking advantage of the situation to buy more Bitcoins. On Thursday, MicroStrategy announced an additional purchase of 11,931 Bitcoin through the proceeds of the $800 million convertible notes. Additionally, on-chain data reveals that a Bitcoin whale purchased over 6,500 Bitcoins worth $430 million in a single go on Thursday.

This shows that there are enough buyers in the market to absorb every selling pressure. However, with Bitcoin miner capitulation, the price recovery is likely to be delayed further into the summer.