en.bitcoinsistemi.com
Leading cryptocurrency Bitcoin ($BTC) fell to the $100,000 level just a week ago amid tensions between US President Donald Trump and Tesla CEO Elon Musk.
However, $BTC experienced a rapid recovery and rose above $110,000 after the second round of talks between the US and China.
Bitcoin is also close to its previous $ATH of around $111,900, and Bitfinex analysts said that the chances of Bitcoin reaching the new $ATH are low.
Bitfinex analysts said in a recent report that there is little fundamental support for a new $ATH.
Analysts stated that a strong technical bullish catalyst is needed for the new $ATH and said:
“Although Bitcoin is rising, the risk of a short-term correction continues to increase.
Especially in the absence of a strong catalyst that would propel Bitcoin above its current all-time high.
Without a strong macro or structural bullish catalyst, Bitcoin is vulnerable to short-term corrections, especially as long-term holders look to strengthen.”
Bitfinex analysts, who think that there is a short-term correction risk for Bitcoin, also drew attention to the critical levels where the $BTC price can find support. At this point, analysts determined the main support levels that $BTC should follow as follows:
“$103,700 (Spent Supply Allocation – SSD 0.95 quantile first support zone) $97,100 (Short-Term Traders' (STH) Cost Floor) $95,600 (Spent Supply Allocation – SSD 0.85 quantile first support zone)”
Bitfinex concluded by stating that Bitcoin is currently at a crossroads, balancing between structural support and waning bullish momentum, and awaiting macro signals for the next strong rally.
*This is not investment advice.