Bitfinex: Bitcoin Has Reached a Local Bottom

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Bitcoin faced a significant decrease in value during June, but a new report from analysts at Bitfinex suggests that it may have reached a local low.

On July 3, the price of Bitcoin fell below its 120-day range and reached a low of $53,219 due to concerns about the beginning of Mt. Gox’s creditor repayments and other issues.

However, according to Bitfinex analysts, market data over the weekend indicates that Bitcoin may have started to stabilize. It should be noted that 94,457 BTC, or 67% of the total BTC collected for creditors, is yet to be distributed by Mt. Gox.

Bitfinex also pointed out that part of the decline in Bitcoin’s value can be attributed to the actions of the German law enforcement agency, which sold Bitcoin on exchanges and triggered high-volume selling from various types of investors.

The report stated that there are multiple factors that suggest Bitcoin’s decline may soon come to a stop.