Exchange report: The bitcoin market may be entering a consolidation phase, rather than a continuous plunge
ChainCatcher news, the Bitfinex Alpha report indicates that bitcoin has now recorded the third largest drop in this cycle, falling 25% from its all-time high and dropping below $94,000. The downward momentum remains strong on lower timeframes. However, the pace of selling and the scale of actual investor losses have begun to stabilize, suggesting that the market may be entering a consolidation phase rather than a continued sharp decline.
Currently, bitcoin is trading well below the short-term holders' (STH) cost basis of $111,900, and downside risks remain until it returns to that level.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
LIBRA team withdrew USDC and purchased over 450,000 SOL, with an average entry price of $135
CryptoQuant CEO: The cyclical price bottom for bitcoin may be around $56,000

Galaxy Digital deposits over $133 million worth of BTC to an exchange
Data: US XRP spot ETF sees single-day net inflow of $25.41 million
