Bitfinex Says Bitcoin Shows Mid-to-Late Bear Market Traits, With $63,200 Support
Summary
- Bitfinex said Bitcoin (BTC) is showing characteristics of a mid-to-late bear market.
- Bitfinex said $63,200 has acted as support, and a move below that level could bring $57,803 back into focus.
- Bitfinex added that a full liquidity recovery will be difficult to expect until a rebound in Bitcoin ETF inflows and renewed growth in stablecoin supply occur at the same time.
Forecast Trend Report by Period
Bitcoin is showing characteristics of a mid-to-late-stage bear market, according to a Bitfinex analysis.
Wu Blockchain reported on Aug. 17 that Bitfinex said in a report that Bitcoin is trading between the realized price of long-term holders at $52,699 and the realized price of short-term holders at $67,176.
Bitfinex said the midpoint of those realized prices, about $63,200, has acted as support over the past two weeks. A break below that level could put the June low of $57,803 back in focus.
The exchange added that favorable conditions, including easing US inflation and record highs in the stock market, have yet to fully spill over into the digital-asset market. A meaningful recovery in liquidity will be hard to expect until Bitcoin ETF inflows rebound and stablecoin supply starts expanding again at the same time.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.