Bitcoin fell below $54,000 on July 5 and the Fear and Greed Index fell to 29, its lowest since early 2023. Market selling pressure came from the German and US governments selling seized bitcoins and Mt. Gox starting refunds. Rachel Lin of SynFutures pointed out that the selling pressure is difficult to ease in the short term, and Mt. Gox users are expected to sell on a large scale. Markus Thielen of 10x Research lowered the bitcoin price target to $50,000, arguing that August and September are challenging months for bitcoin, but if the Federal Reserve cuts interest rates in September, bitcoin may rebound.