Bitfinex Alpha: Bitcoin price may continue to consolidate sideways unless there are major macroeconomic events and other favorable factors

According to Foresight News, Bitfinex Alpha released a report saying that the recent narrowing of Bitcoin's price trend reflects the cooling of on-chain activity and derivatives trading activity, which is specifically manifested as a decline in spot trading volume, a weakening pressure on buyers to a buyer and a decrease in open contracts, highlighting that the market is shifting from a radical upward phase to a range oscillation phase. The realization price of Bitcoin short-term holders is around $98,700, a price that has become a key structural support level. During the price pullback, buyers at low prices often accumulate Bitcoin at this price, especially during the market pullback caused by the recent escalation of tensions between Iran and Israel.

Bitfinex noted that from historical data, the third quarter was Bitcoin’s weakest performance, with an average return of only 6.03%, well below the 27.12% in the second quarter, and the volatility is often low in the quarter. This seasonal law, combined with the current technical trend, indicates that Bitcoin price may continue to consolidate sideways unless there are major macroeconomic events or ETF-related positive factors break this situation.

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