Bitcoin price exceeded $62,000, and analysts believe the worst sales may be over with the end of Bitcoin sales in Germany and the pricing of Mt. Gox payments. According to TradingView data, Bitcoin increased by 5.2% in the last 24 hours, rising from the two-month low of $53,500 on July 4th, and is currently trading at $62,550.
What Is Happening on the Bitcoin Front?
Ben Simpson, founder of the crypto education platform Collective Shift, believes Bitcoin’s local bottom has formed and that Bitcoin is now moving towards an upward trend. Simpson stated that a significant part of Bitcoin’s price was hit by forced selling due to the German government’s sales of approximately $3 billion and the negative sentiment from Mt. Gox creditors’ repayments of about $8.5 billion.
On July 12th, while Bitcoin was trading at $59,000, the Crypto Fear and Greed Index fell to its lowest level in 18 months; Simpson said this situation contradicted a more fundamental approach to the broader market environment. Simpson looked at several key factors indicating a rise in Bitcoin price in the coming weeks and months and commented:
“Jerome Powell recently hinted at the possibility of lowering interest rates. Amid all this, the S&P 500 is reaching new highs, and strong Bitcoin ETF inflows are returning.”
According to Coinglass data shared by Apollo sats founder Thomas Fahrer in a post on X on July 15th, just over $360 million in short positions were liquidated in the futures market, and Bitcoin surpassed the $62,000 mark.
Important Statements from a Famous Name
Similarly, eToro market analyst Josh Gilbert said that Bitcoin’s worst level might be behind and that the increasing chance of Trump’s definite victory in the upcoming elections is the main driving force for positive price movement in the coming months:
“We have seen weakness in the last few months, but I think the worst is behind us. Any short-term weakness is likely to be bought with the wind of the Ethereum ETF process and, of course, the potential election of a more crypto-friendly US party. The attack on Trump this week positively affected the former president’s chances of re-election, boosting Bitcoin and crypto assets with his pro-crypto stance.”
Gilbert also noted that Trump and the Republicans have a more favorable stance on crypto compared to the Democrats:
“The closer Trump gets to potentially reclaiming his place in the White House, the more likely we are to see Bitcoin move.”
