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Bitcoin experienced a major correction after the January ATH, with a 32% drop. However, after this drop, BTC rose by more than 50% to reach new highs of $111,880.
As BTC entered a consolidation phase following the new records seen last week, Bitfinex analysts evaluated the latest situation of Bitcoin in their weekly report.
At this point, Bitfinex analysts also said that BTC is probably entering a downward cycle.
Analysts stated that with the new record, profit taking by short-term Bitcoin investors increased and that this situation could limit Bitcoin’s short-term rise.
The report stated that this investor group made a total profit of $11.4 billion in the last 30 days, while their profit in the previous 30-day period was only $1.2 billion.
Despite the increased profit-taking and US President Donald Trump’s threat to impose 50% tariffs on the EU, Bitcoin has held firm and absorbed the profit-taking without a significant drop, analysts said.
This Level Is A Turning Point For Bitcoin (BTC)!
Analysts pointed to $95,000, stating that strong inflows into spot ETFs, steadily increasing spot demand, and increasing institutional adoption were effective in Bitcoin’s solid stance.
Pointing out that the cost floor of short-term Bitcoin investors at this point is $95,000, analysts said that maintaining this level is of critical importance for the continuation of the upward momentum.
According to analysts, holding the $95,000 level will determine whether the BTC rally will continue in Q3.
Lastly, Bitfinex analysts added that recent institutional purchases of over 8,800 BTC and positive regulatory moves indicate growing confidence in BTC as a strategic asset.
*This is not investment advice.
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