Bitcoin Stays Steady, But Momentum Flashes Bullish Signs: Bitfinex Alpha
Main Idea
Bitcoin (BTC) is in a consolidation phase with mixed signals from market participants, including institutional accumulation and whale redistribution, while short-term momentum weakens.
Key Points
1. Bitcoin has been defending the short-term holder realized price (STHRP) of $98,220 despite recent volatility, indicating support at this level.
2. Institutional buyers, through ETFs and balance sheet allocations, are driving persistent accumulation, with underlying momentum skewed to $99,474.
3. BTC whales (wallets holding 1,000-10,000 BTC) are in a distribution phase, offloading over 14,000 BTC since June 30, while short-term holders (STHs) have increased holdings by 382,000 BTC.
4. Bitfinex notes that Bitcoin's short-term momentum is weakening at range highs, with futures traders closing positions around levels seen in early July, suggesting limited immediate price rallies.
Description
With bitcoin (BTC) having remained in a consolidation phase for a relatively long time, market participants are wondering about its next direction. Some analysts have predicted a significant correction in the coming weeks, while others believe a positive breakout is imminent. Despite the state of the market and negative sentiment within a part of the crypto community, analysts at the crypto exchange Bitfinex insist BTC is biased to the upside. This means the cryptocurrency has a higher chance of...
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