"Bitcoin could hit a local low despite heavy selling in June, according to Bitfinex analysts. BTC price fell below the 120-day range on July 3, hitting a low of $53,219 due to fear and uncertainty surrounding the start of payments to Mt. Gox creditors. Bitfinex notes that the fall of BTC was partly caused by the actions of the German law enforcement agency BKA, which began selling Bitcoin on exchanges, causing massive sales. However, analysts are confident that BTC should soon stop falling 📉.