Odaily Planet Daily News Ben Simpson, founder of the crypto education platform Collective Shift, said that Bitcoin's "local bottom" has now formed and believes that it is now heading for an upward trend. Simpson said that the price of Bitcoin has been hit by a lot of "forced selling", most of which came from the German government's nearly $3 billion sell-off and negative sentiment about Mt.Gox creditors repaying about $8.5 billion. Simpson said: "Overall, I just feel that there is a big mismatch between market sentiment and fundamentals." Looking ahead, he believes that there will be several key positive factors for the price of Bitcoin in the coming weeks and months. "Powell hinted that interest rates may be cut soon. We also saw a new high in the S&P 500 index and a strong return of funds to the Bitcoin ETF." (Cointelegraph)