"Ben Simpson, founder of Collective Shift, told Cointelegraph that Bitcoin's 'local bottom' has likely formed and BTC is set for an upward trend. The price was impacted by a $3 billion German government sell-off and $8.5 billion in Mt. Gox repayments. Despite low sentiment, Simpson sees potential gains with hints at a rate cut, strong ETF inflows, and new S&P 500 highs. $360M in short positions were liquidated at $62,000."