The research arm of a top crypto exchange thinks Bitcoin (BTC) could be losing momentum.
In a new research report, Bitfinex notes that BTC’s broader market structure remains healthy, with longer-term support levels still standing.
Current data, however, suggests the top crypto asset is heading into a transition phase, according to the exchange.
“Both order flow data and on-chain metrics are now aligning to suggest consolidation or a local top, rather than continued vertical acceleration. Spot volume has cooled, taker buy pressure has weakened, and profit-taking has intensified – especially among short-term holders who rode the move from sub-$80,000 levels.”
BTC is trading at $105,864 at time of writing. The top-ranked crypto asset by market cap is down more than 1% in the past 24 hours.
Bitfinex’s researchers argue that Bitcoin could witness short-term price upticks but will likely remain range-bound until it sees a significant surge in new demand.
“For now, Bitcoin is in a waiting game. Structural positioning remains intact, and there’s no major breakdown risk as long as $94-99,000 holds. But for new all-time highs to be reclaimed, a catalyst, either in the form of macro relief, strong ETF flow momentum, or a breakout in global liquidity, will be necessary.”
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