The price of Bitcoin has recovered above the $63,000 mark, and analysts believe that the major sell-off may have ended and market sentiment is improving.
Bitcoin (BTC) has risen by 4.5% in the past 24 hours and over 13% for the week, bouncing back 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 dropped back to $62,900.
After Bitcoin surpassed the $62,000 mark, short positions worth over $360 million were liquidated, according to Coinglass and Thomas Farer, the founder of Apollo Sats, mentioned 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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Furthermore, Josh Gilbert from eToro stated that 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, are more supportive of cryptocurrencies than Democrats.