Bitcoin (BTC) continues to trade in a narrow range in the shadow of the US-Iran war.
While Bitcoin has recently seen encouraging recoveries, analysts believe BTC is becoming increasingly dependent on external factors.
At this point, according to Bitfinex analysts, BTC’s short-term movements have become dependent on oil prices and bond yields.
In their latest weekly report, Bitfinex analysts stated that Bitcoin’s short-term direction has become more dependent on oil prices, Treasury bond yields, and Federal Reserve policy than on cryptocurrency-specific factors.
Bitfinex analysts stated that the sharp drop in leverage ratios in the Bitcoin derivatives market signals a structural shift where macro liquidity conditions are driving the price.
According to analysts, BTC has entered a consolidation phase driven by macroeconomic factors, and the market’s direction is now determined by ETF flows and global liquidity.
Analysts noted that the market entered a consolidation phase after a leverage-driven correction, and the Bitcoin price remained within a specific range.
Analysts also added that the recent recovery has not changed the overall market situation and that Bitcoin is increasingly trading like a technology stock.
Analysts concluded that, unless there is a clear break in ETF fund flows, BTC is likely to remain in a range between $63,000 and $72,000 for the next few weeks.
According to Bitfinex, the key levels to watch in Bitcoin are listed as follows:
“• $60,000 support
• $70,000–$72,000 supply zone
• $78,000 key resistance”
*This is not investment advice.
Continue Reading: Bitfinex Analysts Say “Bitcoin (BTC) Has Completely Changed!”, Giving Three Price Levels That Will Determine Its Next Direction!
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