Analyst: Bitcoin "may have already touched" the local bottom

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

Due to the increased fear, uncertainty and doubt related to the initiation of repayments to Mt. Gox creditors and other issues, the price of Bitcoin dropped to its lowest at $53,219 on July 3rd.

On July 8th, Bitfinex analysts stated that based on weekend market data, Bitcoin may have reached a local bottom even though Mt. Gox has not yet distributed 94,457 BTC - approximately accounting for 67% of the total amount of BTC repayment collected for creditors.

Bitfinex also mentioned that part of Bitcoin's decline was due to Germany's law enforcement agency - Federal Criminal Police Office (BKA) starting selling Bitcoins on trading platforms leading to mass sell-offs from different types of investors.

According to Bitfinix there are multiple reasons indicating that Bitcoin should stop falling soon. (Cointelegraph)