"Blinking up and down, this is all guesswork. So you have to be patient."
Cryptocurrency king Bitcoin (BTC) which continued to tumble to $58,600 has finally managed to recover slightly above $61,000 after buyers snapped up huge amounts of BTC during the discount price.
Through observation, the demand zone between $60,000 and $64,000 is the main support awaited by traders and analysts, so a breach of that level could result in a deeper correction.
Crypto traders say selling pressure from repayment of Mt. The newly announced Gox may be lower than digital asset market watchers fear as BTC prices remain largely unimpressed and even bounce back.
According to Galaxy Research, it is reasonable to assume that most of the BTC received by funds that obtain claims from creditors will be distributed to LPs in the form of goods and not sold.
It is to be noted that leading crypto market analyst Crypto Faibik predicts the price of BTC to potentially reach $88,000 by July or August 2024 shortly after spotting a “Bullish Flag Pattern” on the weekly chart.
There is no denying that the price of BTC has risen a bit, but it should be known that the crypto wallet labeled German Government (BKA) has sold 900 BTC worth $54 million in three individual transactions on June 25, 2024.
The first 200 BTC transaction was sent to Coinbase then the second 200 BTC transfer was sent to Kraken, however the third transaction of about 500 BTC worth $30 million was sent to the still unknown "139Po" wallet.
As of this writing, BTC price has surged by 2.82% to $61,988 in the last 24 hours with a market cap of $1.2 trillion but is still down 4.92% over the past week.