📉 Bitcoin's been on a rollercoaster, folks! 🎢 Hovering around $57k, it's at its lowest since Feb 26. But don't fret, Bitfinex analysts see signs of a potential local bottom.

🔍 What's been causing the dip? Big BTC sales from German law enforcement (BKA) and Mt Gox creditor redemptions. This has triggered selling across all investor groups, causing market FUD. But the impact might not be as big as it seems.

🔄 Market recovery might come sooner than expected. Why? These sales have already been priced in. Plus, on-chain indicators suggest selling pressure is easing off.

📊 Check out the Coinbase Premium Index. It's turned positive despite falling BTC prices, hinting at reduced selling pressure. The SOPR for short-term holders is at 0.97, suggesting they're selling at a loss - usually a sign of a price rebound.

🔮 Could we be nearing a local bottom? The negative average funding rate across all BTC perpetual trading pairs since May 1 seems to think so.

What's your take? 🤔💬 #Bitcoin #CryptoNews #DeFi