$60,000 is coming, which is also expected

While Bitcoin is trying to make up for last week's decline, the spot price is stabilizing but still limited by a bearish form. Sellers will still dominate short- to medium-term price action unless $60,000 is exceeded.

However, the market remains optimistic, especially after falling to a low of $53,500 last week. According to the Puell Multiples index, one trader believes that Bitcoin is preparing for a rebound. This indicator is very important for measuring the profitability of miners and can determine whether miners are overvalued or undervalued.

According to CryptoQuant, the Bitcoin market may have bottomed out and last week's crash may be the climax of the downtrend in June. History shows that a decline in this indicator can be a good signal, especially for traders looking for a price bottom in a bear market.

Currently, the Puell Multiples index's falling pattern is similar to that before the surge in 2016 and 2020, indicating that the downtrend has led to the liquidation of long positions, but is about to end. However, it remains to be seen whether the bull market is in its early stages. So far, Bitcoin prices have remained stable and are up 7% since the July 2024 low.

Despite the promise, last week’s break below the May and June lows means short positions still dominate. For now, sentiment is still on the rise. Rising Tether (USDT) liquidity in early Q3 2024 could mean increased investor interest in riskier assets. However, prices failed to rise immediately or supply surged due to the German government selling Bitcoin.

Once the supply glut is absorbed, the uptrend is expected to resume. The good news is that spot Bitcoin ETF issuers have been buying while Germany is selling. As of July 8, Sosovalue data shows that all spot ETF issuers have added $294 million worth of Bitcoin, led by BlackRock. $BTC $ETH #美国大选如何影响加密产业？ #德国政府转移比特币 #币安7周年