en.bitcoinsistemi.com
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.