Has Bitcoin Investor Panic Selling Come to an End

Bitcoin and various altcoins began to recover after a significant drop the previous day. Following BTC’s突破 56,000 USD, altcoins also saw gains of 4% to 15%. QCP Capital analyst pointed out that the level of market panic is starting to subside, partly due to the selling pressure from Mt. Gox and the German government. They explained that after the completion of transactions, speculators rapidly sold off under government intervention, leading to a liquidation at around 58,000 USD and a subsequent decline until Bitcoin fell below 54,000 USD. However, according to the QCP analyst, the spot prices of Bitcoin and other cryptocurrencies have stabilized. They noted that BTC has strong support around 54,000 USD, and market panic has receded. Read more:

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The analyst also mentioned that the latest US employment data was weaker than that of April and May, as they suggested this may have supported early expectations of rate cuts. Lastly, the QCP analyst pointed out that the possibility of rate cuts in September and December increases after the release of employment data.