Bitfinex analysts advise investors to be cautious, as the bull market lacks conditions; they hold a cautious attitude towards buying BTC, and bulls lack new catalysts or clear macro signals.

According to Mlion.ai, Bitfinex's analysis report indicates that traders are currently cautious about purchasing Bitcoin near the current price, as the cryptocurrency has failed to effectively break through the historical high of $111,970. Bulls appear hesitant due to a lack of new market catalysts or clearer macroeconomic signals, preventing them from pushing prices further up. Analysts also mentioned that although the pressure for profit-taking in the market has eased, relatively weak buying interest shows that traders are waiting for a clear market direction. Data from Santiment shows that despite Bitcoin's social media sentiment reaching a new high in three weeks, with bullish comments 1.51 times that of bearish ones, analysts warn that heightened sentiment has previously led to price pullbacks.

Mlion.ai Short Commentary

Bearish for BTC! Bulls shiver before the historical high of $111,970, and the bullish sentiment has soared to 1.51 times, yet it serves as a contrarian indicator! Amidst the social media frenzy, smart money may have already sensed a bottoming opportunity.

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