Bitcoin reached $64,000 after its sharp decline in June. However, it fell back to $61,000 due to the impact of macroeconomic and geopolitical developments.
Analysts are divided on whether Bitcoin’s recent rise constitutes a permanent reversal or just temporary relief.
At this point, Wintermute analysts say there is a relief rally in Bitcoin, but the recent moves do not represent a bullish reversal.
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Bitcoin is showing signs of substance!
Besides Wintermute, Bitfinex analysts also rated $BTCrecent movements and declared that the forced sale $BTC is burning out and could enter a deep training phase.
Analysts in the latest Bitfinex Alpha report suggest that Bitcoin could begin to form a market bottom, noting that even after a significant $BTC sales by strategy, there was no significant selling pressure. They also point out that the strategy’s sales did not cause panic, Bitcoin remained resilient, suggesting that the market may be entering a bottoming phase.
The report indicated that $BTC Saw a strong recovery from its cyclical low of $57,803, supply-demand dynamics improved, and spot ETFs saw net inflows for three consecutive trading days.
Analysts also noted that July has always been a positive month for Bitcoin. They are, however, mindful of the fact that seasonal trends alone are not enough to support a recovery.
Bitfinex analysts recently said that Bitcoin was trending downward over a longer period, adding that it was still too early to talk about macroeconomic bottoms.
However, they stated that a steady recovery to around $71,500 is needed to confirm the final formation of a bottom in $BTC. They added that the next two to three months will be crucial to see if gradual bottom formation will occur at this point.
*This does not constitute investment advice.
