Bitcoin recovered the USD 62,000 level
With Germany's "fire sales" over and Mt. Gox repayments virtually discounted, several analysts believe the easing macroeconomic environment will boost Bitcoin's price in the coming months.
Bitcoin price has regained ground above the $62,000 mark, and analysts say the worst of the selling could be over with German BTC sales concluded and Mt. Gox payouts virtually discounted.
€58,887
Bitcoin has rallied 5.2% in the past 24 hours, bouncing from two-month lows of $53,500 on July 4, and is currently trading at $62,550, according to data from
TradingView.
Ben Simpson, the founder of cryptocurrency education platform Collective Shift, told Cointelegraph that he believes Bitcoin's "local bottom" has already formed and that the cryptocurrency is now heading into an uptrend.
Simpson said Bitcoin's price had been hit by an avalanche of "fire selling," many of which came from nearly $3 billion in German government sales and negative sentiment toward about $8.5 billion in repayments to Mt. creditors. Gox.
On July 12, as Bitcoin hovered around the $59,000 level, the Crypto Fear & Greed Index fell to its lowest level in 18 months, something Simpson said was at odds with a more fundamentals-based approach to the market environment. market in general.
"Overall, I felt there was a big discrepancy between sentiment and fundamentals," he said.
Looking ahead, Simpson pointed to several key catalysts as bullish for the price of Bitcoin in the coming weeks and months.
