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Bitcoin ‘potentially reached’ local bottom, Bitfinex says

Bitcoin ‘potentially reached’ local bottom, Bitfinex says

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Source: Coin Telegraph

Bitfinex 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.

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Author: Helen Partz