Bitcoin ‘potentially reached’ local bottom, Bitfinex saysBitfinex analysts pointed out several reasons suggesting that Bitcoin’s bloodbath should be over soon.After facing a massive sell-off in June, Bitcoin might have potentially reached a local bottom, according to a new report by analysts from the Bitfinex exchange.Bitcoin’s (BTC) price plummeted below the 120-day range on July 3, dropping to as low as $53,219 amid the increasing fear, uncertainty and doubt related to the start of Mt. Gox’s creditor repayments and other issues.Bitfinex analysts suggested on July 8 that Bitcoin might have reached a local bottom based on market data over the weekend, even though Mt. Gox is yet to distribute 94,457 BTC — or about 67% of total BTC in repayments collected for creditors.Bitfinex also mentioned that the fall in BTC was partly triggered by the German law enforcement agency Bundeskrimanalamt (BKA).
https://yakihonne.s3.ap-east-1.amazonaws.com/6789a15735d4ac7cb13396ac59a0bdc813680111b9df4a7ff2497a364c869fb9/files/1720465124124-YAKIHONNES3.webp
*Source: Bitfinex/CryptoQuant*