PANews reported on July 8 that Bitfinex Alpha’s latest report stated that on July 3, the price of Bitcoin fell below the 120-day range, reaching $53,219 due to market concerns about the German government and Mt. Gox creditors selling. But market data over the weekend suggested a potential local bottom may have been reached. The market realized that although the nominal value of the Bitcoin transferred by the German government was large, it accounted for a relatively small proportion of the total transaction volume. Volatility indicators suggest the market is expected to be more stable going forward, with Bitcoin likely to hover around current levels or decline less. Market positioning suggests complacency on the part of short sellers, with more late-shorting investors in the short term and likely no clear conviction on either side. Long-term Bitcoin holders continue to realize significant profits, while the sell-off by short-term holders may be nearly exhausted. The Bitcoin perpetual contract funding rate turned negative for the first time since the May 1 bottom, which may indicate that the market is oversold, which combined with the recovering SOPR usually means that the market is finding a bottom. On the macroeconomic front, Fed officials remained cautious about cutting interest rates, although labor market data and easing inflation supported loose monetary conditions. Wage growth has slowed, job creation has been less than expected and unemployment has been prolonged. Both manufacturing and non-manufacturing PMIs fell, reflecting weakening demand and sentiment, and employment fell in both manufacturing and services. The agency does not expect the Fed to cut interest rates at its July 30-31 policy meeting, but it still holds out hope for a rate cut in September.