Bitcoin (BTC) bounced off support at $56,500 on July 12, indicating demand at lower levels. Institutional investors see dips in Bitcoin as a buying opportunity. According to on-chain analytics platform CryptoQuant, institutional investors purchased 100,000 Bitcoins in a week. 📈

The German government has almost finished selling its Bitcoins. Traders will now be closely watching lender sales on the Mt. Gox after they receive their payments. If the sales are insignificant, Bitcoin may begin to recover.

However, Bitcoin's failure to launch a strong rally has slowed the recovery of some altcoins. This suggests that buyers are holding their positions, expecting continued growth.

Despite this, sentiment remains negative and traders continue to sell on the rally. The bulls are trying to push Bitcoin above the 20-day simple moving average ($59,650) on July 11, but the bears are holding their ground.