Has the Bitcoin Decline Ended? Is an Uptrend Beginning? Bitfinex Analysts Answer!
Bitcoin has been in decline since reaching its all-time high of $126,000 last October. While uncertainty continues for Bitcoin, which has fallen as low as $60,000, Bitfinex has provided an updated assessment.
Bitfinex stated that the recent drop in Bitcoin represents the deepest major correction of the current cycle.
Bitcoin has recovered since then, but analysts believe this recovery indicates a stabilization phase following a major correction rather than a clear trend reversal.
Analysts argued that the correction was not a result of mandatory liquidation but rather an independent accumulation of spot sales.
During this period, Bitcoin recorded its largest ever daily drop in market capitalization, with the price falling to $60,100.
At this point, analysts said that daily losses, according to on-chain indicators, have exceeded $1.2 billion, and this is interpreted as a signal that the correction is approaching its final phase.
Analysts recently stated that the recovery in Bitcoin signals a stabilization phase rather than a return to an uptrend, adding that the $60,000-$74,000 region is a key level for BTC.
“For now, the $60,000-$74,000 range is likely to be the key battleground for Bitcoin.”
Whether this region will serve as a foundation for a medium-term recovery or a consolidation area before further declines remains to be determined by subsequent developments and the macroeconomic environment.
*This is not investment advice.
