The Drops May Not Be Over Yet, But Bitcoin's Strong Stance Will Be Appreciated in the Future

The selling pressure triggered by Mt. Gox was increased by the German government's Bitcoin (BTC) sales. It seems that the selling pressure is not over yet, but Bitcoin attracts attention with its strong stance and is prevented from falling further.

Bitcoin Daily Chart

Bitcoin dropped to $53,485 on July 5 for the first time since February 27, 2024, and although it recovered a little afterwards, the selling pressure still continues, so it continues to fluctuate.

Bitcoin 2-Hour Chart

Although Bitcoin recovered slightly over the weekend and rose to $ 58,000, it dropped sharply yesterday to $ 54,795, but then started to rise again and returned above $ 57,000. It is currently trading around $57,820.

Selling pressure increased in crypto markets after Mt. Gox announced the date when creditors will transfer their BTC. Afterwards, the German government started selling BTC, which increased the selling pressure and the German government sold almost half of its BTC.

Many people were saying that Bitcoin would fall below 50K, but it did not happen. At a time when worry and fear dominate the crypto market, I think it is remarkable that Bitcoin did not fall lower and remained above $ 57,000. It seems that while some people are selling, others continue to accumulate. I especially think that institutional investors are buying BTC, and I will not be surprised if I hear that some giant companies are buying Bitcoin in the coming months. We'll wait and see.

It looks like the selling pressure is not over yet, so volatility may continue, so it is better to be cautious. However, I think Bitcoin's strong stance will be appreciated in the future. I believe that once the selling pressure ends, it can start a much stronger bull run than the previous ones. It is beneficial for short-term investors to be cautious, on the other hand, I believe that long-term investors will be rewarded much more in the future.

Thank you for reading
@rtonline

This is not investment advice, I am just talking about current developments and only my personal opinions. And in today's post, I just wrote what came to my mind. As with all money markets, anything can happen in the crypto market at any time, so please do your own research before investing.

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