Bitcoin

<ul> 
 <li>Bitcoin faces selling pressure amid current bearish sentiment.</li> 
 <li>The market reacts cautiously to Mt. Gox’s creditor repayment announcement.</li> 
</ul> 
Bitcoin bears once again made investors sit on their toes, but this time, they made them more anxious by dropping below $59K. In the past day, Bitcoin fell by 3%, hitting an eight-week low of $58,601.70 after reaching a 24-hour high of $62,900. 
The bears have been making big noises since last week. It has dropped 7%, leading to the most bearish state, with BTC hitting a <a href="https://x.com/BitcoinFear/status/1805390490583605673" target="_blank" rel="noreferrer noopener nofollow">Fear</a> Index 30. This drop is accompanied by selling pressure, with the daily RSI at 29. 
Meanwhile, Mt. Gox announced it will start repaying creditors in BTC and <a href="https://thenewscrypto.com/bitcoin-cash-bch-price-prediction/" target="_blank" rel="noreferrer noopener nofollow">BCH</a> in early July 2024. It currently holds 141,686 BTC ($8.63B) across three wallets. The market reacted negatively to this news. 
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</div> 
<h3 class="wp-block-heading" id="h-a-potential-bullish-rebound">A Potential Bullish Rebound?</h3> 
While hopes for a Bitcoin bull comeback are dwindling, some technical chart indicators tell a slightly different story. 
Prominent analyst <a href="https://x.com/ali_charts" target="_blank" rel="noreferrer noopener nofollow">Ali</a> noted that the Bitcoin MVRV Ratio has dipped below -8.40% on four occasions since February 2023. Each time, it triggered BTC price jumps of 63%, 100%, 92%, and 28%. Currently, with BTC priced under $60,000 and the MVRV Ratio at -8.96%, he marked this might be an ideal time to buy the dip– predicting a bullish future. 
Moreover, the TD Sequential presents a buy signal on the Bitcoin daily chart, predicting a rebound of one to four daily candlesticks for <a href="https://thenewscrypto.com/bitcoin-critic-peter-schiff-warns-of-hedge-funds-dumping-btc/">BTC</a>. 
Also, another Crypto analyst Axel Adler highlighted the short-term holders’ (STH) spent output profit ratio (SOPR) metric. The 90-day moving average (90DMA) was just above 1 at press time. Compared to the 2016 cycle, Bitcoin could continue its correction until this metric falls below. Observing a trend reversal in favor of the bulls’ rally would become more likely. 
So, for Bitcoin bulls, sustaining momentum is crucial. The next significant milestone lies at the $66,477 mark, with $68,468 also in sight if the upward trend continues. Conversely, if the bears worsen the scenario, the price may drop to $56,569.

Is Bitcoin Set for a Bullish Rebound After 8-Week Low?

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