[Analysis] “Bitcoin seeks to form a bottom in the $60,000 range… macro backdrop shows signs of improvement”

With Bitcoin (BTC) attempting to build a base in the $60,000 range, an analysis suggests the macro environment is turning more supportive for risk assets, driven by easing US inflation and growing expectations for rate cuts.

On the 16th (Korea time), Bitfinex said in its weekly report that “Bitcoin entered a stabilization phase after falling to as low as $60,100 during a capitulation phase on Feb. 5.”

The report noted that “with the US Consumer Price Index (CPI) coming in below market expectations, the disinflation (slowing inflation) trend has strengthened,” adding that “US Treasury yields fell and the dollar weakened, spreading expectations that rate cuts in 2026 could occur up to three times.” It added, “These changes help ease the burden on risk assets such as Bitcoin.”

It also assessed that derivatives market indicators point to a stabilization trend rather than excessive leverage buildup. Bitfinex said, “Funding rates have now entered a normalization phase,” adding, “Traders are reducing hedges against sharp downside risk while also refraining from aggressively expanding positions.”

On-chain indicators were also seen as showing positive signals over the medium to long term. The report said, “About 18,400 bitcoins were withdrawn from exchanges last week, and the downtrend in exchange reserves continues.” It added, “Long-term holder supply has increased since the trough in December last year, recovering to around 14.3 million BTC,” explaining that “historically, an increase in long-term holder supply has served as an indicator leading to price recoveries several months later.”

However, Bitfinex said, “Spot Bitcoin ETF fund flows remain a bearish factor,” adding, “While there were temporary net inflows around the inflation release, they did not persist.”

Meanwhile, the report projected Bitcoin’s support level at around $55,000 and its resistance level at around $78,200.