The price of Bitcoin has rebounded above the $63,000 mark, with analysts suggesting that the major sell-off may have come to an end and market sentiment is improving.
Bitcoin (BTC) has risen by 4.5% in the past 24 hours and over 13% for the week, recovering from a two-month low of just over $53,000 reached in early July. At the time of writing, it was trading at $63,009, but shortly after, the price fell back to $62,900.
After Bitcoin crossed the $62,000 threshold, short positions worth over $360 million were liquidated, as reported by Coinglass and noted by Apollo Sats founder Thomas Farer in a publication on July 15 on X (Twitter).
The next major liquidation of short positions (around $200 million) is expected when Bitcoin breaks the $64,000 level.
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In addition, Josh Gilbert from eToro stated that the price of Bitcoin may have experienced its worst days, citing the increasing chances of Trump winning the upcoming elections as a key factor for potential price increase in the coming months.
He also noted that Trump and Republicans, in general, support crypto to a greater extent than Democrats.
