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Bitcoin (BTC) made a bombastic start to the new week!
Bitcoin has risen above 62 thousand dollars, and analysts say that the period of BTC sales in Germany coming to an end and the almost pricing of Mt. Gox payments may be behind us.
Bitcoin (BTC), according to TradingView data, has risen by 5.2 percent in the last 24 hours, bouncing from a two-month low level at $53,500 on July 4th and currently trading at $62,550.
Ben Simpson, founder of the crypto education platform Collective Shift, stated to Cointelegraph that he believes the "local bottom point" of Bitcoin has now formed and that he believes BTC is now moving towards an upward trend.
Crypto analysts are optimistic about the course of Bitcoin (BTC)
Simpson said that the Bitcoin price was hit by forced sales. The majority of this blow came from the German government's sale of approximately $3 billion and the repayment of approximately $8.5 billion by Mt. Gox creditors.
When Bitcoin fluctuated at $59,000 on July 12th, the Crypto Fear and Greed Index dropped to its lowest level in 18 months; Simpson said it contradicted the fundamental factors of the market environment.
Simpson said that Bitcoin is looking at several important catalysts that will drive its price higher in the coming weeks and months.
According to the Coinglass data quoted in the article sent by Apollo sats founder Thomas Fahrer on July 15th, with Bitcoin surpassing $62,000, a little over $360 million leveraged short positions were liquidated in Bitcoin.
Similarly, eToro market analyst Josh Gilbert, in his statement to Cointelegraph, said that the worst period in Bitcoin's price may be behind us, and that Trump's increasing chances of winning the upcoming elections could be the key driver of positive price movements in the coming months.
This article does not contain investment advice or recommendation. Every investment and trading activity involves risks, and readers should conduct their own research when making decisions.