🎢 Bitcoin's price took a rollercoaster ride on July 8, dropping 7% before rallying 7% in less than 8 hours. This surprise bounce back resulted in $96 million in short positions being forcefully terminated, leaving bears scratching their heads. 🐻💔

The German government's transfer of 16,308 BTC to market makers and exchanges was a key factor in this volatility. However, with half of these coins already sold, the selling pressure is decreasing, giving bulls a reason to cheer. 🐂🎉

Meanwhile, the futures and options markets are showing support for Bitcoin's bullishness. Despite the recent price decline, the Bitcoin options market reflects a healthy sentiment. However, the question remains - will the $55,000 support level hold? 🤔

Join the conversation below and share your thoughts on Bitcoin's wild ride! 🚀👇