The price of Bitcoin has reclaimed ground above the $62,000 mark, and analysts say the worst of the selling could be over with German BTC sales over and Mt. Gox payments all but priced in.
Bitcoin (BTC) has rallied 5.2% in the last 24 hours, bouncing off two-month lows of $53,500 on July 4, and is currently changing hands for $62,550, per TradingView data.
The price of Bitcoin is holding above $62k for the first time since July 2. Source: TradingView
Ben Simpson, the founder of crypto education platform Collective Shift told Cointelegraph that he believed Bitcoin’s “local bottom” had now been formed and believes BTC is now headed for an uptrend.
Simpson said the price of Bitcoin had been hammered by a deluge of “forced selling” — much of which stemmed from nearly $3 billion in sales from the German government and negative sentiment towards some $8.5 billion in Mt. Gox creditor repayments.
On July 12, when Bitcoin wavered around the $59,000 level, the Crypto Fear & Greed Index fell to its lowest level in 18 months, something Simpson said was at odds with a more fundamentals-based approach to the broader market environment.
“Generally, I just felt there was a very big mismatch between sentiment and fundamentals,” he said.
Moving forward, Simpson looked to several key catalysts as being bullish for Bitcoin’s price in the coming weeks and months.
“Jerome Powell is hinting towards potentially lowering rates at some point soon. We’ve also got the S&P 500 ripping to new highs amongst all of this as well as strong Bitcoin ETF inflows flowing back in.”
Just over $360 million in leveraged short positions on Bitcoin were liquidated as Bitcoin broke through the $62,000 mark, per Coinglass data cited by Apollo sats founder Thomas Fahrer in a July 15 post to X.
Source: Thomas Fahrer
Similarly, eToro market analyst Josh Gilbert told Cointelegraph that the worst of Bitcoin’s price may be in the rearview mirror, citing Trump’s increased odds of clinching victory in the upcoming election as a key driver of positive price action in the coming months.
“We’ve seen weakness in the last few months, but…..
