Bitcoin, despite a 6% decline and dipping below $60,000, has managed to rebound, albeit stalling around $61,500. This, coupled with the US government's transfer of 3,940 BTC to Coinbase Prime, has sparked concerns among investors. However, QCP Capital remains optimistic, believing Bitcoin will defend the $60,000 support level.

This optimism is based on two factors. Firstly, the German government has slowed its BTC transfers to exchanges, suggesting a possible end to their selling regime. Secondly, Bitcoin ETFs have experienced net outflows of $52.4 million over the past two days, indicating the market is ripe for Bitcoin accumulation.

CryptoQuant's research also suggests a local bottom has formed for Bitcoin, with a decrease in the futures market and funding rates for perpetual contracts nearing zero. Furthermore, the recent BTC plunge below $60,000 attracted several buyers, with holders controlling 0.1% of the total Bitcoin supply adding 7,130 BTC to their stash in just one day. This accumulation, the highest since late May, indicates investor confidence in the price rising from here.