Bitcoin bulls “are hesitant or unable to push prices significantly higher without fresh catalysts or clearer macro signals,” Bitfinex analysts say.
Traders are careful to buy bitcoin at its current level, because cryptocurrency is struggling to find the strength to break above its $ 111,970 summit, according to Bitfinex analysts.
“Bulls are hesitant or unable to push significantly higher prices without clearer catalysts or clearer macro signals,” Bitfinex analysts said on Tuesday in a report on the markets, adding that Bitcoin (BTC) displays a lower resistance because it hovers below its peaks of all current time to move above May 22.
$ 1.63 billion at risk of liquidation if Bitcoin recovers Ath
“This signals a lack of follow -up force,” added the analysts. Bitcoin is traded at $ 108,560 at the time of publication, up 2.15% in the last seven days, according to CoinmarketCap data.
Although the summit of all Bitcoin times of $ 111,970 represents an increase of 3.14% compared to its current level, the exceeding of this price could trigger the liquidation of $ 1.63 billion in short positions, depending on Coinglass Data.
While BTC quickly rebounded above $ 100,000 after briefly plunging below this level in the middle of geopolitical tensions on climbing in the Middle East on June 22, the rally has since lost steam.
Bitcoin Market in a “delicate balance”
Bitfinex analysts have described the current market structure as a “delicate balance”.
They have said that for -profit pressures have relaxed, but the lack of purchase of interest reports that traders are still waiting for a clear directional confirmation.
They added that Bitcoin was “locked up in a tight consolidation range” between $ 100,000 and $ 110,000 since June 23, reporting the indecision of market players.
“The wider trend has blocked,” they said. “The lack of sustained momentum suggests that buyers are also hesitant,” they added.
In relation: Bitcoin Metric says that $ 100,000 BTC was the bottom: when will a gathering new highs start?
“This combination of lucrative pressure drop and unresolved rupture momentum reflects a balanced market, waiting for a new catalyst to define the next management stage,” they said.
The feeling of Bitcoin social media soars
Meanwhile, data from the blockchain health analysis platform suggests another story. Tuesday’s health data suggest that Bitcoin’s social media feeling is highest in three weeks, and for each Bitcoin comment, there are now 1.51 bullish comments.
However, Santiment Analyst Brian Quent, warned that if the increase in feeling may seem positive, similar peaks in the optimism of the merchants were followed by Bitcoin price reductions on June 11 and July 7.
Yellow president Alexis Sirkia told Cintelegraph that geopolitical tensions and commercial escalations seem to be released, which seems to have made the feeling of the fear market with neutral wheelbarrow.
“It also seems that bitcoin and other crypto like Ethereum and XRP join the ranks of gold as a cover on economic uncertainty, which persists,” said Sirkia.
Review: High conviction that ETH will increase 160%, the opportunity for soil feeling: trade secrets
This article does not contain investment advice or recommendations. Each investment and negotiation movement involves risks and readers should conduct their own research when they make a decision.
