"Bitcoin price fell 5.8% from June 23-24, to a 7-week low of $59,700. Fears of a sell-off from Mt. Gox and the German government made the crypto market gloomy. The Investors are wondering if this is a sign of a prolonged bear market or just temporary panic? 🤔#Bitcoin#CryptoNews

MT. Gox moved 141,686 BTC worth $8.6 billion on May 28, 2024, marking the first movement from the collapsed exchange in more than five years. The asset manager confirmed that a “portion of crypto recovery requests” will be released in July 2024.

A recent transaction of nearly 6,500 BTC on June 19 from an alleged German government wallet also raised suspicions about a potential sell-off.

While interest rates are likely to fall later in the year in the US, traders are more concerned about uncertainty surrounding November's US presidential election and inflation data.

The US personal expenditure inflation index (PCE) is expected to be announced on June 29, with a forecast increase of 0.1% over the previous month.

In this situation, Bitcoin traders have become more cautious, especially after the BTC price dropped 16% since June 7, when it last approached $72,000.

Bitcoin options metrics show weakness, but may have been exaggerated by FUD.

Let's discuss the market situation!#Bitcoin#CryptoMarket"