The Bitcoin Bulls “is skeptical or cannot push prices higher without fresh catalyst or clearer MacRO signals,” Bitfinex’s analysts say.
Businessmen are careful about buying bitcoin at its current level, as cryptocurrency is having a hard time finding the power to break above the full time of $ 111,970, according to Bitfinex analysts.
“The bulls are confused or cannot push prices significantly higher without fresh catalysts or clearer Macro signals,” Bitfinex’s analysts Says In a market report on Tuesday, that bitcoin was added (Btc) shows a weaker strength as it hovers below the current all the time high to move above the level it reached on May 22.
$ 1.63 billion shorts at risk of extermination if Bitcoin recovers ATH
“This indicates a lack of follow-through strength,” the analysts added. Bitcoin traded at $ 108,560 at the time of publication, up to 2.15% in the past seven days, According to In CoinMarketCap data.
Although the entire Bitcoin time of $ 111,970 represents only a 3.14% increase from its current level, exceeding this price can trigger the extermination of $ 1.63 billion in short positions, According to in coinglass data.
While the BTC quickly bounced above $ 100,000 after a short sink below that level amid the rise of geopolitical tensions in the Middle East on June 22, the rally had been since the steam disappeared.
Bitcoin Market in a “delicate balance”
Bitfinex analysts described the current market structure as a “delicate balance.”
They said the harassment of income was eased, but the lack of purchase of interest signals that entrepreneurs are still awaiting for clear direction confirmation.
They added that Bitcoin has been “locked in a tight incidence of integration” between $ 100,000 and $ 110,000 since June 23, which has signed an indecision from market participants.
“The broader trend stops,” they said. “Lack of long momentum suggests consumers are also concerned,” they added.
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“The combination of waning profit-taking pressure and unresolved breakout momentum reflects a balanced market, waiting for a fresh catalyst to define the next leg direction,” they said.
The sentiments on Bitcoin’s social media
Meanwhile, data from blockchain analytics platform Santiment suggests a different story. Santiment data from Tuesday suggests that Sentiment of Bitcoin’s social media is the highest in three weeks, and for each bearish comment on Bitcoin, there are now 1.51 bullish comments.
However, Santiment’s analyst Brian Quinlivan warned that as the emotional increase may seem positive, similar spikes in business optimism are followed by Bitcoin price falls on both June 11 and July 7.
Yellow chairman Alexis Sirkia told Cointelegraph that geopolitical tensions and trade escalations seemed to easing, seemingly made the transfer of sentiment to the market from fear to neutral-bullish.
“It also feels like Bitcoin and other cryptos such as Ethereum and XRP have joined the rank of gold as a fence in economic uncertainty, which is still going on,” Sirkia said.
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This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
