①Bitcoin experienced a significant sell-off last week, falling from $77,370 to $60,074, a decline of 22%, related to the selloff in U.S. software stocks and the sharp drop in precious metals; ②A well-known American financial host recently revealed that the White House bought Bitcoin at a low price when it dropped to $60,000, but this news has not been confirmed; ③Bitcoin has rebounded above $70,000, but analysts warn that the bear market continues.
$Bitcoin (BTC.CC)$ Last week, it experienced a significant sell-off, plummeting from $77,370 on Monday to $60,074, marking a decline of 22%. This was linked to panic triggered by the selloff in U.S. software stocks and a substantial withdrawal of funds from precious metals.
In addition, U.S. Treasury Secretary Bessent also told lawmakers last week that the U.S. government has no right to bail out Bitcoin. This statement further exacerbated market distrust of digital currencies, raising doubts about whether the U.S. government’s support for the cryptocurrency industry truly benefits the market.
The Democratic Party has also questioned whether Bitcoin's drop to around $60,000 represents the failure of Trump's cryptocurrency strategy. However, the White House stated that it remains committed to the cryptocurrency agenda.
Meanwhile, well-known American financial host Jim Cramer said on a program that the White House took advantage of Bitcoin's drop to $60,000 to accumulate Bitcoin. He revealed that he heard as long as Bitcoin falls to $60,000, Trump would fill up Bitcoin reserves.
Currently, this revelation lacks supporting evidence, but it has garnered significant attention on X, with multiple crypto insiders commenting on it. Pete Rizzo, founder of BitcoinTreasuries.net, expressed that this is insane. Prediction platform Kalshi and crypto asset information company Coin Bureau also shared this message.
A Bullish Signal in a Bear Market?
The news that the White House purchased Bitcoin was seen as a positive development. As U.S. investors return to the cryptocurrency market, Bitcoin has rebounded from its low point to surpass $68,000.
Ryan Yoon, a senior analyst at Tiger Securities, stated that this rebound represents a strong short-covering rally and a technical response to an oversold condition followed by a sharp correction.
Jeff Mei, Chief Operating Officer of BTSE, further added that the stock market crash prompted traders to reduce leverage, leading to the decline of Bitcoin. With the rise of Asian stock markets on Monday, some of the panic in the market has been alleviated.
However, some analysts remain steadfast in their view that Bitcoin has entered a bear market and predict that the token's price will continue to decline later this year, with any bullish movements from now on being temporary.
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