Bitcoin (BTC) has rebounded from its recent low of $53.7k, attracting immense attention from both analysts and investors. Several factors contributed to Bitcoin’s recent decline.
One of the most notable is the German government’s decision to divest a substantial portion of its Bitcoin holdings. This action flooded the market with a significant volume of Bitcoin, intensifying selling pressures and contributing to the overall market decline.
Additionally, market anxieties have been compounded by the impending settlements with creditors of the now-defunct Mt. Gox exchange. These settlements are expected to release a large amount of BTC back into the market, further increasing supply and potentially driving prices down.
At the time of writing, BTC is trading at $58,102, having a 24-hour volume that generally backs the price value of the asset at $75.03 billion. The market capitalization stands at a comfortable $1.14 trillion. This represents a 3.14% increase in price over the past 24 hours.
Analyst Highlights $61k Resistance as Crucial for Bitcoin Bulls
In the wake of recent market turmoil, prominent crypto analyst Titan Of Crypto has shed light on Bitcoin’s potential local bottom formation. According to Titan Of Crypto, BTC might have just experienced capitulation, marked by a notable liquidation event reminiscent of the FTX incident. This observation leads the analyst to believe that the local bottom for BTC could be taking shape.
Adding to these views, analyst Captain Faibik has also come out with his views on the current state of Bitcoin. He points out that though BTC seems to have bottomed out, it is not entirely safe. For regaining the bullish momentum, the BTC bulls need to clear the $61k resistance area.
In support of these outlooks, Changelly’s latest BTC price prediction is optimistic. According to Changelly, the value of Bitcoin will rise by 15.34% and may reach $65,579 by July 08, 2024
Despite this optimistic prediction, Changelly’s technical indicators highlight a mixed market sentiment with a Bearish Bullish sentiment ratio of 28%. Additionally, the Fear & Greed Index is currently displaying a score of 26, indicating a prevailing sense of fear among investors.
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