Bitfinex Alpha: BTC price may continue to consolidate sideways unless there are significant macroeconomic events or other positive factors
ChainCatcher news, Bitfinex Alpha released a report indicating that the recent price trend of Bitcoin has narrowed, reflecting a cooling in on-chain activity and derivatives trading activity, specifically manifested as a decline in spot trading volume, weakened buying pressure on market orders, and a decrease in open interest, highlighting that the market is shifting from an aggressive upward phase to a range-bound consolidation phase. The realized price for short-term Bitcoin holders is around $98,700, which has become a key structural support level. During price pullbacks, buyers often accumulate Bitcoin at this level, particularly evident during the recent market pullback caused by escalating tensions between Iran and Israel.Bitfinex pointed out that, based on historical data, the third quarter is the weakest quarter for Bitcoin, with an average return of only 6.03%, significantly lower than the 27.12% in the second quarter, and this quarter often experiences lower volatility. This seasonal pattern, combined with the current technical situation, suggests that Bitcoin prices may continue to consolidate sideways unless significant macroeconomic events or favorable factors related to ETFs (Exchange-Traded Funds) break this trend.