If you need a proof that it's an over-reaction, here it is,
The amount of BTC that the german government and MT Gox combined hold is about 190k, look at the daily volume on binance alone, yesterday it was 55k.
Of course a part of it, is scalping and day trading but you can get this away by subtracting the average volume which is around 25k.
So, people sold in a single day 30k on binance alone which is 15% of the total distribution. That's only binance in a single day, you have coinbase, bitstamp and others!
Remember, we had been dropping from 64k to 54k for this FUD, on binance alone, people sold the 190k they are too afraid of distributing!
Moreover, most MT Gox holders are early bitcoiners and won't sell at these prices knowing there's a BULL run ahead. This altmightly will lead to a big spike as most of the people who sold are planning to buy back!
If you have funds, just DCA, and capture the spike that will happen this month reversing all of the downside movement below 70k!
