According to Bitfinex analyst, traders are cautious to buy Bitcoin because it is currently at a low level. The cryptocurrency struggles to gain strength and break through its record high price of $111970.
“Bulls are hesitant or unable to push prices significantly higher without fresh catalysts or clearer macro signals,” Bitfinex analyst said Bitcoin was mentioned in the markets report published on Tuesday.BTCThe, which is hovering below its all-time highest level to rise above the one it achieved on May 22, shows a weaker performance.
Shorts worth $1.63 Billion could liquidate if Bitcoin reclaims ATH
“This signals a lack of follow-through strength,” The analysts continued. Bitcoin’s price is $108,560, which represents a 2.15% increase over the previous seven days. according CoinMarketCap Data
Bitcoin’s record high price of $111970 is just a 3.14 percent increase over its current value. However, if this price were to be exceeded, it could lead to the liquidation or $1.63 Billion in short positions. according CoinGlass Data
BTC has slowed down since the June 22 rally, when it briefly fell below $100,000 due to the escalating geopolitical turmoil in the Middle East.
Bitcoin Market in A “delicate equilibrium”
Bitfinex analyst described the present market structure as an “delicate equilibrium.”
The traders said the profit-taking has eased but that they are waiting for a clear direction confirmation.
Bitcoin is a cryptocurrency. “locked in a tight consolidation range” Between $100,000 and $110,000 between June 23 to signal indecision by market participants.
“The broader trend has stalled,” They said. “The lack of sustained momentum suggests buyers are also hesitant,” They added.
Related: Bitcoin metric says $100K BTC was the bottom: When will a rally to new highs start?
“This combination of waning profit-taking pressure and unresolved breakout momentum reflects a balanced market, waiting for a fresh catalyst to define the next leg of direction,” They said.
Bitcoin sentiment on social media soars
Data from the blockchain analytics platform Santiment tells a completely different tale. Data from Santiment suggests that Bitcoin social media sentiment Bitcoin has seen its highest level of bullish commentary in the last three weeks. For every negative comment, there is now 1.51 positive comments.
Santiment analyst Brian Quinlivan cautioned that, while increasing sentiment might seem positive, it was followed by Bitcoin prices dropping on June 11th and 7th.
Alexis Sirkia is the chairman of the Yellow Group. He told Cointelegraph, that geopolitical and trade tensions are easing. The market has moved from fear to neutral or bullish.
“It also feels like Bitcoin and other crypto like Ethereum and XRP are joining the ranks of gold as a hedge on the economic uncertainty, which still persists,” Sirkia said.
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Source: cointelegraph.com
