Over the past few market updates I’ve discussed how there is strong support at the $60k price level. There has been support at $60k since March, and this was an important price level for Bitcoin bulls to defend. Yesterday seemed a bit concerning with the price dipping below $60k, but we have seen wicks below $60k with quick rebounds. We did get a strong rebound for BTC, and are back above $60k again. I think we have finally bottomed out and could start to trend up soon. I still think we will see boring price action for the remainder of June before a strong rally in July.
In yesterday’s live stream one of the topics we discussed is the Mt. Gox FUD. The media is reporting that there could be ~ $9 billion of sell pressure starting in July, which I said is BS. Today the narrative has changed with the media stating that Japanese law suggests Mt. Gox creditors will only receive $483 per Bitcoin, which reduces the payout to creditors from $9 billion to $72 million. This significantly reduces the sell pressure from the Mt. Gox FUD that investors are panicking about.
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