🚀 Bitcoin's back, baby! After a 5-month low, #Bitcoin bounced back 6.40% on July 6, hitting a value of $56,975. Seems like traders are shaking off the bearish vibes from Mt. Gox's $8 billion BTC reimbursement and recent BTC selloffs by the U.S. and German governments. 💪

CryptoQuant's CEO, Ki Young Ju, reminds us that the government-controlled BTC is just 4% of the $225 billion pumped into the Bitcoin market since 2023. So, the market can handle a little disruption. 🧐

Trader Tardigrade sees a pattern. In 2016, 2020, and 2024, $BTC moved similarly. After a dip below the trendline, a Bull Run follows. Are we set for a robust market recovery and a bullish phase? 🐂

Rekt Capital notes that sell-offs align with cycles post-Bitcoin halving events, leading to a temporary price decline. But what follows? A price surge driven by decreased supply and heightened demand.

Positive movements in the U.S. stock market also influenced Bitcoin's rebound. Despite a slowdown in U.S. hiring and an increase in the jobless rate, the S&P 500 hit a record high.

Bitcoin ETFs saw an influx of $143.1 million after the release of U.S. jobs data. Bitcoin's futures market showed increased funding rates, indicating a phase where less confident investors exit while others increase their stakes.

So, what's your take? Bullish or bearish? Let's chat in the comments! #DeFi #Web3 #CryptoNews