Recently, as the German government continues to sell off Bitcoin and the Mt. Gox exchange begins to repay creditors, Bitcoin has fallen several times. However, Bitcoin climbed upward amid volatility yesterday, breaking through to $59,400 around noon today, with a fierce battle between bulls and bears. As of the time of writing, the price of Bitcoin was $58,400, up 2.45% in the past 24 hours.

The main reason for Bitcoin's rebound in the past two days is that Germany's sale of $200 million worth of Bitcoin did not actually enter the market; and on July 8, the Bitcoin spot ETF achieved a net inflow of $295 million, the highest level in 21 days, thus providing good support for the price of Bitcoin.

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