Although bitcoin (BTC) has fallen to its lowest level since February 26 and hovered around $57,000 in recent days, Bitfinex analysts see signs on the chain that the main crypto asset may not post another decline. 📉
According to this week's Bitfinex Alpha report, market data from July 6 and 7 suggests that a potential local bottom for BTC is approaching. BTC's decline was triggered in part by a massive BTC sale by the German law enforcement agency, the Bundeskrimanalamt (BKA), and the redemption of creditors of the defunct crypto exchange, Mt Gox.
However, analysts cautioned that the impact of the sale was less significant than it initially appeared due to the amount of BTC sent to exchanges. Several on-chain indicators suggest that the selling pressure has subsided, and the market may not see any further correction.
What do you think about this? Come on, discuss it in the comments column! 😄