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Bitcoin‘s price today briefly touched $58,000 for the first time in a long period. Following news that the defunct exchange Mt Gox would pay creditors in July, the price fell below $60,000 earlier in the day. However, data provided by Santiment suggests that the recent rebound, based on “bottom” narratives, could trigger a potential price recovery for Bitcoin, considering historical trends.
Bitcoin Price Drop and Hope
The recent drop in Bitcoin’s price has once again contributed to uncertainties within the cryptocurrency community. This situation also triggered a FUD (Fear, Uncertainty, Doubt). The undisputed leader of the market, Bitcoin, continued to stay below the $69,000 level in the two weeks before the drop following the FED’s interest rate decisions.
Data shared by the crypto analysis platform Santiment revealed that the price fluctuation is not the first of its kind for Bitcoin, based on historical price trends.
According to the report, during periods when the term “bottom” reached peak performance, Bitcoin’s price experienced an increase. This situation could create new hopes for investors who are anxious about the fluctuating movements in Bitcoin’s price.
Bitcoin is currently trying to stay above the $60,000 region and has seen a 5.21% drop in the last 24 hours. The BTC price fell slightly below $58,500 earlier in the day and then rose above $60,000 again.
As the movements in Bitcoin’s price continue to sustain FUD, there is ongoing curiosity about what might happen as the US elections approach. There are comments suggesting that former President Donald Trump, who is running again, has been in “talks” to be a speaker at the Bitcoin conference in July.
Trump and Bitcoin Approach
In recent weeks, Trump and his team have taken many steps during the election process. One of these was accepting donations through Bitcoin and cryptocurrencies in the election campaign. Additionally, criticisms of the current government’s stance have paved the way for Trump to receive significant support from the cryptocurrency community.
Recently, Trump stated that he would “end Joe Biden’s war on crypto” and strive to make the US a leading country in Bitcoin and innovation. He emphasized that the US should be a pioneering state in this regard.
