<\/p>\n
Traders are cautious about buying Bitcoin at its current level, as the cryptocurrency is struggling to find the strength to break above its all-time high of $111,970, according to Bitfinex analysts.<\/p>\n
\u201cBulls are hesitant or unable to push prices significantly higher without fresh catalysts or clearer macro signals,\u201d Bitfinex analysts said<\/a> in a markets report on Tuesday, adding that Bitcoin (BTC<\/a>) is showing weaker strength as it hovers below its current all-time highs to move above the level it reached on May 22.<\/p>\n \u201cThis signals a lack of follow-through strength,\u201d the analysts added. Bitcoin is trading at $108,560 at the time of publication, up 2.15% over the past seven days, according<\/a> to CoinMarketCap data.<\/p>\n Although Bitcoin\u2019s all-time high of $111,970 represents just a 3.14% increase from its current level, surpassing this price could trigger the liquidation of $1.63 billion in short positions, according<\/a> to CoinGlass data.<\/p>\n While BTC quickly rebounded above $100,000 after briefly dipping below that level amid escalating geopolitical tensions in the Middle East on June 22, the rally has since lost steam.<\/p>\n Bitfinex analysts described the current market structure as a \u201cdelicate equilibrium.\u201d\u00a0<\/p>\n They said that profit-taking pressures have eased, but the lack of buying interest signals that traders are still waiting for clear directional confirmation.<\/p>\n They added that Bitcoin has been \u201clocked in a tight consolidation range\u201d between $100,000 and $110,000 since June 23, signaling indecision from market participants.<\/p>\n \u201cThe broader trend has stalled,\u201d they said. \u201cThe lack of sustained momentum suggests buyers are also hesitant,\u201d they added.<\/p>\n Related: <\/strong><\/em>Bitcoin metric says $100K BTC was the bottom: When will a rally to new highs start?<\/strong><\/em><\/a><\/p>\n \u201cThis combination of waning profit-taking pressure and unresolved breakout momentum reflects a balanced market, waiting for a fresh catalyst to define the next leg of direction,\u201d they said.<\/p>\n Meanwhile, data from blockchain analytics platform Santiment suggests a different story. Santiment data from Tuesday suggests that Bitcoin social media sentiment<\/a> is the highest in three weeks, and for every bearish comment on Bitcoin, there are now 1.51 bullish comments.<\/p>\n However, Santiment analyst Brian Quinlivan warned that while rising sentiment may seem positive, similar spikes in trader optimism were followed by Bitcoin price drops on both June 11 and July 7.<\/p>\n Yellow chairman Alexis Sirkia told Cointelegraph that the geopolitical tensions and trade escalations seem to be easing, which seems to have made the market sentiment move from fear to neutral-bullish.<\/p>\n \u201cIt also feels like Bitcoin and other crypto like Ethereum and XRP are joining the ranks of gold as a hedge on the economic uncertainty, which still persists,\u201d Sirkia said.<\/p>\n$1.63 billion shorts at risk of liquidation if Bitcoin reclaims ATH<\/h2>\n
Bitcoin market in a \u201cdelicate equilibrium\u201d<\/h2>\n
Bitcoin social media sentiment soars<\/h2>\n