In the absence of positive news, Bitcoin has recently been trapped in a consolidation pattern. Bitfinex analysts point out that due to a lack of buying interest, most traders are adopting a wait-and-see attitude, preventing Bitcoin from breaking through its historical high.
According to the market report released by the Bitfinex analysis team on Tuesday: 'Bulls seem hesitant and unable to push prices higher without new positive news. Overall, Bitcoin is showing signs of insufficient stamina.'
According to CoinGecko data, Bitcoin reported at $108,684 at the time of writing, a slight increase of 0.3% over the past 24 hours; it has risen about 0.8% over the past 7 days, and is currently 2.9% away from this year's historical high of $111,814 set in May.
In fact, since June 23, Bitcoin has been hovering between $100,000 and $110,000, reflecting the indecision of market participants.
Bitfinex analysts describe the current Bitcoin market as being in a 'delicate balance,' where profit-taking pressures have eased but buying interest has not returned, meaning investors are still waiting for clear market signals.
On the other hand, observations from blockchain analysis platform Santiment present a different picture: as of Tuesday, Bitcoin's sentiment indicator on social media reached a three-week high, with optimistic comments at a ratio of 1.51 to 1.
However, Santiment analyst Brian Quinlivan reminds us that such heightened sentiment often appears at price reversal points, such as on June 11 and July 7, when two surges in optimistic comments were accompanied by pullbacks in Bitcoin prices.
"Bitcoin's upward momentum is weak, bulls are losing steam! Bitfinex analyst: Traders are on the sidelines waiting for positive news" was first published on (Blockcast).
