Odaily News In its latest report, Bitfinex Alpha said that on July 3, the price of Bitcoin fell below the 120-day range to $53,219 due to market concerns about the German government and Mt.Gox creditors selling. But market data over the weekend showed that a potential local bottom may have been reached. First, the market realized that the Bitcoin transferred by the German government, although of large nominal value, accounted for a small proportion of total trading volume. Second, volatility indicators recorded a narrowing gap between implied volatility and historical volatility, which indicates that the market expects more stability in the future and means that BTC may fluctuate at current levels, or at least experience less severe declines. Third, market positioning shows that there are more late short investors in the short term, long-term Bitcoin holders continue to make significant profits, and short-term holders may be close to selling. In addition, the Bitcoin perpetual contract funding rate turned negative for the first time since the May 1 bottom, which may indicate that the market is oversold, which combined with the recovering SOPR, generally means that the market is finding a bottom.