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Bitcoin (BTC), which rose above $92,000 yesterday, fell below $91,000 after US President Donald Trump announced he would impose a 25% tariff on all countries trading with Iran. During the same period, Ethereum also fell by 1%, dropping to around $3,100.
While Bitcoin, Ethereum, and other altcoins experienced minor declines and stagnation, privacy-focused altcoins drew attention with their surge. DASH rose 19%, and Monero (XMR) increased by 12%. This rise occurred despite Dubai, a major digital asset hub, banning privacy-focused altcoins.
Bitfinex analysts have released their latest analysis for Bitcoin, stating that while there is optimism in the long term, investors remain cautious in the short term.
Analysts noted that attempts to rise in BTC have been limited by a strong resistance zone between $93,500 and $95,000, and that upward attempts from this level have been repeatedly rejected in recent weeks.
According to Bitfinex, Bitcoin is currently moving towards a dense supply zone defined by the largest recent buyers, with a cost base ranging from approximately $92,100 to $117,400.
Analysts stated that until this supply zone in BTC disappears, the market is expected to remain in a narrow range and rise gradually rather than suddenly entering a new uptrend.
Bitfinex also noted that its open options positions had nearly halved, from $52.5 billion to $28.6 billion, highlighting a “clean picture” in the derivatives market.
According to analysts, derivatives market data indicates that investors are increasing their long-term bullish expectations. Increased interest in long-term call options is observed. This is interpreted as an indication that market participants are optimistic about future price movements.
What are the Critical Levels for Bitcoin and Ethereum?
Lastly, LMAX strategist Joel Kruger also shared his expectations. Warning that macroeconomic volatility will remain at a high level, Kruger said the upcoming period will be intense. Accordingly, we have a busy schedule of US inflation data, earnings reports from major banks and Fed statements, geopolitical tensions, and especially the US Justice Department’s Powell investigation ahead.
Kruger stated, “In this environment, the $95,000 level for Bitcoin and the $3,500 level for Ethereum remain critical indicators of whether this consolidation phase is poised to trigger a new uptrend.”
*This is not investment advice.