Traders believe selling pressure from Mt. Gox may be weaker than expected, potentially easing concerns about an immediate sell-off.

Galaxy Research suggests that a significant portion of the distributed bitcoins may not be immediately sold, as most of them will likely be held by creditors due to their low value.

The former cryptocurrency exchange is also reportedly preparing to distribute bitcoins stolen from customers in 2014 in the first week of July. Expectations of impending selling pressure saw Bitcoin fall more than 4% on Monday, temporarily pushing it below $60,000 for the first time since early May.