Bitfinex analysts indicate that traders are cautious about buying Bitcoin at the current price level, as the cryptocurrency struggles to gain momentum to break through the historical high of $111,970.
"Without fresh catalysts or clearer macro signals, bulls appear hesitant or unable to significantly push prices higher," the Bitfinex analysts noted in a market report released on Tuesday (July 8), adding that Bitcoin (BTC) shows weak breakout capability while hovering below the historical high set on May 22.
"This indicates a lack of follow-through momentum in the market," the analysts further added. According to CoinMarketCap data, Bitcoin was trading at $108,560 at the time of writing, having risen 2.15% over the past week.
Although Bitcoin's historical high of $111,970 is only 3.14% above the current level, breaking this price could trigger the liquidation of $1.63 billion in short positions, as shown by CoinGlass data.
While BTC quickly rebounded above the $100,000 level after briefly dipping below it on June 22 amid escalating geopolitical tensions in the Middle East, this recent rally has since lost momentum.
Bitfinex analysts describe the current market structure as a "delicate balance."
They noted that profit-taking pressure has eased, but insufficient buying interest suggests that traders are still waiting for a clear directional confirmation.
They added that since June 23, Bitcoin has been "locked in a narrow consolidation range between $100,000 and $110,000," indicating indecision among market participants.
"The broader trend has stalled," they said. "The lack of sustained momentum suggests that buyers are also hesitant," they further pointed out.
"This easing of profit-taking pressure combined with unresolved breakout momentum reflects a balanced market, waiting for new catalysts to define the next phase of direction," they explained.
Meanwhile, data from blockchain analysis platform Santiment shows a different scenario. Santiment's data on Tuesday (July 8) indicated that Bitcoin's social media sentiment reached a three-week high, with each bearish comment corresponding to 1.51 bullish comments.
However, Santiment analyst Brian Quinlivan warned that despite the rising sentiment appearing positive, similar surges in trader optimism on June 11 and July 7 were followed by declines in Bitcoin's price.
Yellow Chairman Alexis Sirkia stated in an interview with Cointelegraph that geopolitical tensions and trade frictions seem to be easing, shifting market sentiment from fear to a neutral-bullish stance.
"It seems that Bitcoin and other cryptocurrencies like Ethereum and XRP are joining gold as a hedge against economic uncertainty, which still exists," Sirkia said.
Related: Bitcoin indicators show $100,000 is the bottom for BTC: When will it start rising to new highs?
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Bitcoin (BTC) Lacks ‘Sustained Momentum’ to Break New Highs, Traders Remain Cautious”
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