Bitfinex analyst: Bitcoin "may have hit" a local bottom

BlockBeats news, July 8, according to a new report from Bitfinex analysts, Bitcoin may have hit a local bottom after experiencing a massive sell-off in June.

Due to the increase in fear, uncertainty and doubt related to the start of repayments for Mt. Gox creditors and other issues, the price of Bitcoin fell to a low of $53,219 on July 3.

Bitfinex analysts said on July 8 that based on market data over the weekend, Bitcoin may have hit a local bottom, although Mt. Gox has not yet distributed 94,457 BTC - about 67% of the total BTC repayments collected for creditors.

Bitfinex also mentioned that the decline in Bitcoin was partly due to the German law enforcement agency, the Federal Criminal Police (BKA), starting to sell Bitcoin on the trading platform, leading to a large number of sell-offs by different types of investors.

According to Bitfinex, there are multiple reasons why Bitcoin should stop falling soon. (Cointelegraph)