According to Bitfinex analyst, traders are cautious to buy Bitcoin because it isn’t strong enough to surpass its record high price of $111970.
“Bulls are hesitant or unable to push prices significantly higher without fresh catalysts or clearer macro signals,” Bitfinex Analysts said In a Tuesday market report, it was noted that Bitcoin is (BTCIt is decreasing in strength, hovering below the current highs.
Shorts worth $1.63 Billion could liquidate if Bitcoin reaches ATH
“This signals a lack of follow-through strength,” Analysts added. Bitcoin’s price is $108,560, which represents a 2.15% increase over the previous seven days. according CoinMarketCap provides data on the market.
Bitcoin’s highest price, $111,970, represents a mere 3.14% rise from the current level. A breach of this price would trigger the liquidation $1.63 billion of short positions. according CoinGlass is a database of CoinGlass information.
BTC has lost momentum after it briefly fell below $100,000 in June 22 amid increasing geopolitical tensions across the Middle East.
Bitcoin exchange market is a “delicate equilibrium”
Bitfinex analyst described the present market structure as an “delicate equilibrium.”
It was said that the pressure to take profits has lowered, but a lack of interest in buying signals that traders still need directional confirmation.
Bitcoin was also mentioned. “locked in a tight consolidation range” Since June 23, market participants have been unable to decide between $100 and $110,000.
“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’s popularity on social media is surging
Santiment, a blockchain-based analytics platform, suggests that the data tells a very different story. The data released by Santiment on Tuesday indicates 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 appear to be lessening. The market has moved from fear to neutral to 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
