Cryptocurrency exchange Bitfinex has released a new report stating that Bitcoin is currently positioned at a critical support level and the next few weeks will determine whether BTC can sustain its momentum and reach new record highs. According to the report, Bitcoin has shown remarkable resilience, rising more than 10% in the past week and outperforming traditional risk assets like the S&P 500. After weeks of volatility and low liquidity, Bitcoin has re-entered the lower end of the $94,000 range, a key level that previously saw it hit a new all-time high in January. Bitfinex attributes the recent recovery to a shift in macroeconomic sentiment, particularly the growing optimism that the U.S. government could implement tariff reduction measures. Such expectations have increased overall risk appetite in global markets. Related News: Are Bitcoin Holders Expecting an Upturn or a Downturn in the Current Situation? Data Revealed On-chain data also supports the positive outlook. Bitcoin has reclaimed its Short-Term Conservative Cost Basis level, currently around $92,900. This indicator is considered a critical threshold that separates bearish correction phases from renewed bullish momentum. Furthermore, the Supply Percentage in Profit metric has risen to 87.3%, indicating improved market health and increasing investor profitability. Despite the positive signs, Bitfinex warns that market sentiment has not yet reached a highly euphoric state. The coming weeks will be crucial: whether Bitcoin can maintain its recent gains will decide whether the market can start a new rally to new highs or whether a new corrective phase is on the horizon. *This is not investment advice. Continue Reading: What is the Current Outlook for Bitcoin (BTC) Price? Exchange Analysts Assess the Future of BTC
Market Analysis Report (29 Apr 2025)
