
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.
Bitcoin transactions worth $100,000 or above have significantly fallen over the past two days. Meanwhile, Bitcoin has retraced below $63,000.
Bitcoin whales slowed their transaction activity in the past two days, just before Bitcoin’s price slipped below $63,000.
On June 23, the total number of Bitcoin whale transactions (exceeding $100,000) was 9,923 over the previous two days, a 42% decrease from the 17,091 transactions recorded the two days prior, according to data from Santiment.
The change in whale behavior comes amid the price of Bitcoin (BTC) falling from $64,685 to $63,422 and has since declined further to $62,531 at the time of publication, according to CoinMarketCap data.