According to experts, it’s crucial to have a strong technical factor driving the cryptocurrency market if we want it to surpass its current record high.
Short-Term Correction Risk Identified
Despite Bitcoin’s upward trend, analysts at Bitfinex warn that the likelihood of a temporary reversal is growing. They highlighted that this risk is significantly higher when there’s no significant event or factor to push Bitcoin beyond its existing record high.
The report suggests that without major positive factors driving the market or significant structural changes, Bitcoin could experience temporary declines, particularly since long-term investors might be taking steps to reinforce their holdings. This implies a possible phase of stabilization or retreat if there’s no significant news or structural modifications in the market.
Critical Support Levels for Bitcoin
As a cryptocurrency investor, I’m keeping a close eye on the potential short-term market corrections. Bitfinex analysts have highlighted crucial support levels for Bitcoin’s price. These areas signify significant zones where Bitcoin might regain stability should a downtrend occur, acting as potential anchors in the ever-changing crypto market landscape.
- $103,700: Identified as the “Spent Supply Allocation – SSD 0.95 quantile first support zone.”
- $97,100: Designated as the “Short-Term Traders’ (STH) Cost Floor.”
- $95,600: Noted as the “Spent Supply Allocation – SSD 0.85 quantile first support zone.”
These price levels provide glimpses into possible zones where buyers might be interested or have previously amassed assets. During market corrections, these areas could serve as support levels.
Bitcoin at a Crossroads
According to Bitfinex analysts, Bitcoin is currently at a critical juncture, teetering between solid foundational support and dwindling bullish energy. They predict that Bitcoin is waiting for broader economic indicators or shifts in market trends to trigger the next substantial surge in its value. In other words, although Bitcoin has fundamental underpinnings, it needs a major external event or market change to kick-start another strong upward trend.
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2025-06-10 21:09