Rewrite of the article:
—
### Analysis: Are Bitcoin Whales Returning as Price Surpasses $58,000?
Bitcoin witnessed a sharp decline below $54,000 last Friday amid selling pressures stemming from activities linked to the German government and Mt. Gox refunds. This drop brought Bitcoin to levels last observed in February. However, today, Bitcoin recovered strongly, surging beyond $57,000.
Experts attribute this recovery partly to significant developments such as the $8 billion Bitcoin refund from Mt. Gox, indicating diminishing selling pressures from the US and German governments. Additionally, substantial net inflows into US-based spot Bitcoin ETFs, totaling $143 million on July 5 according to Coinglass data, underscored renewed institutional and whale interest in accumulating Bitcoin at reduced prices.
Rekt Capital, in a recent YouTube analysis, emphasized that for Bitcoin to avoid further corrections, it must achieve a weekly close above $60,600. Beyond this critical threshold, Bitcoin needs sustained momentum to push towards the $57,000 to $65,000 range. Rekt Capital further suggested that if this momentum continues, Bitcoin could potentially aim for $65,000 to $73,000.
Investors and enthusiasts are closely monitoring Bitcoin’s price movements as it navigates these crucial thresholds. Whether Bitcoin can sustain its recent gains and break through resistance levels will likely determine its short-term trajectory.
*Disclaimer: The content above does not constitute investment advice.*
For trading in over 300 cryptocurrencies, sign up with Binance exchange via this link for a 20% commission discount! Stay updated with exclusive news, analytics, and on-chain data by following our Telegram and Twitter accounts.
—
This rewrite maintains the essence and factual information of the original article while presenting it in a more streamlined and engaging manner.
