Bitfinex Report: Bitcoin is at a Crossroads

Odaily Planet Daily News Bitfinex Alpha Report pointed out: Driven by spot demand, profit-taking by long-term holders and the recovery of macro risks, Bitcoin ushered in a typical upward trend, falling more than 10% from its historical high. Bitcoin ushered in its last decline on June 5, with a single-day long liquidation amount of more than $875 million, highlighting the extent of deleveraging. In the past week, the total liquidation amount of Bitcoin exceeded $1.9 billion, and the leverage ratio has now been forced to reset. The technical structure shows that Bitcoin's rise is supported by real demand, and the spot market has risen in a step-by-step manner, with key accumulation points at $93,000-96,000 and $102,000-104,000 respectively. As old holders begin to sell, on-chain indicators currently show that selling pressure is rising. In short, Bitcoin is now at a crossroads-balancing between structural support and weakening bullish momentum, and the macro economy may have an impact.