According to Bitfinex analysts, traders are cautious about the current levels of buying Bitcoin as cryptocurrencies are struggling to find power beyond their all-time high of $111,970.
“The Bulls don’t have fresh catalysts or clearer macro signals, and they can’t significantly increase prices,” Bitfinex analysts said. explain In Tuesday’s market report, it was added that Bitcoin (BTC) The intensity is weaker as it hovers above current historical heights to exceed the level reached on May 22.
$1.63 billion shorts if Bitcoin takes back ATH
“This shows a lack of follow-up power,” the analyst added. At the time of publication, Bitcoin was trading at $108,560, an increase of 2.15% over the past seven days, according to Used to share market cap data.
Although Bitcoin’s all-time high is $111,970, up just 3.14% from current levels, exceeding this price could trigger a $1.63 billion shortened liquidation, but according to to Coinglass data.
After rising geopolitical tensions in the Middle East on June 22, BTC quickly rebounded $100,000 after a brief decline to that level, but the rally has lost momentum since then.
Bitcoin market is in a “delicate balance”
Bitfinex analysts describe the current market structure as a “subtle balance”.
They say profit pressure has eased, but there is a lack of signals for buying interest, that is, traders are still waiting for clear direction confirmation.
They added that since June 23, Bitcoin has been “locked between $100,000 and $110,000, which is the hesitation of market participants.
“The broader trend has stalled,” they said, adding: “The lack of sustained motivation indicates that buyers are hesitant too.”
Related: Bitcoin metrics say $100k BTC is the bottom: when will a new climax gathering come?
“This combination of weakened profit pressure and unresolved breakout momentum reflects a balanced market waiting for new catalysts to define the next direction,” they said.
Bitcoin social media sentiment soars
Meanwhile, data prompts from blockchain analytics platform indicate a different story. Tuesday’s santiment data show Bitcoin Social Media Emotions It is the highest in three weeks, and for every bearish comment on Bitcoin, there are now 1.51 bullish comments.
But Santiment analyst Brian Quinlivan warned that while the rise in sentiment seems positive, Bitcoin’s price fell after similar excitement from traders on June 11 and July 7.
Yellow Chairman Alexis Sirkia told Cointelegraph that geopolitical tensions and trade escalations appear to be easing, which seems to shift market sentiment from fear to neutral fans.
“It feels like Bitcoin and other cryptocurrencies like Ethereum and XRP are joining the gold ranks as hedges for economic uncertainty, and still exists,” Sirkia said.
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This article does not contain investment advice or advice. Every investment and trading move involves risks and readers should conduct their own research when making decisions.
