$BTC If you are confused, let me talk about it:

First, let me talk about the conclusion: My suggestion is to hold on to what you have for the time being, and friends who have ideas should not rush to enter the market.

As of 3:19 on July 12, 2024, Investing.com data showed that the price of Bitcoin was  , which was   down from yesterday's closing price, with a drop of   . On July 11, Bitcoin rose 1% in the short term, and the increase expanded to 2.7%, to $59,670.

Recently, the Bitcoin market has fluctuated greatly, rising a little and then falling, falling a little and then rising again. On July 10, the price of Bitcoin broke through $59,000 and is now at $59,065, with a 24-hour increase of 1.65%. On July 5, the price of Bitcoin fell below the three integer levels of $59,000, $58,000, and $57,000, reaching a minimum of $56,976 per coin, and then rebounded slightly.

The main reasons for the fluctuation of Bitcoin prices are:

- The German government continues to sell Bitcoin: On July 10, the German government has been selling Bitcoin, and its web3 wallet still has nearly 30,000 Bitcoins. If it continues to transfer out frequently, even if the number is not large, it will have a great impact on the market's long confidence, which may cause the market to continue to be weak.

- Mt. Gox exchange compensation: The bankrupt exchange Mt. Gox is about to start repaying Bitcoin to creditors, which may increase supply pressure in the market. The exchange was hacked several times between 2011 and 2014, resulting in a large number of Bitcoins lost, and eventually closed down in 2014. After nearly a decade of waiting, Mt. Gox will begin returning Bitcoin to customers in July 2024. Although the specific number has not yet been determined, it is estimated to range from 65,000 to 140,000 Bitcoins, which can be as high as nearly $9 billion at current prices. This large-scale supply is about to enter the market, raising investors' concerns about falling prices.

- Changes in market panic sentiment: Although the current market panic sentiment has eased and the price has failed to effectively fall below the support level of $55,000, without obvious positive stimuli, it is unlikely to rise or fall sharply in the short term. It is expected to continue to fluctuate and is likely to respond to stimuli from market news.