Reserve

2024

Bitcoin

<p>Bitfinex announces a potential turning point for Bitcoin. According to experts from the crypto exchange, the derivatives market suggests that Bitcoin prices may have reached a local bottom and are showing signs of stabilization. In a context of constant fluctuations and mixed sentiments among investors, this news could bring a spark of stability and optimism for the future of the queen of cryptocurrencies.</p>
<h2 id="h-market-indicators-reveal-bitcoin-stabilization">Market indicators reveal Bitcoin stabilization</h2>
<p>Bitfinex analysts have observed encouraging signs indicating that the price of Bitcoin may stabilize after a period of intense volatility. After hitting a local low at $53,219 last week due to fears related to Bitcoin sales by the German government and <a href="https://www.cointribune.com/en/crypto-mt-gox-finally-repays-its-creditors-after-ten-years-of-waiting/" target="_blank" rel="noopener noreferrer nofollow">Mt. Gox creditors</a>, the queen of cryptos bounced back above the $57,000 mark. This rebound was accompanied by a significant decrease in price fluctuations.</p>
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<p><a href="https://blog.bitfinex.com/bitfinex-alpha/bitfinex-alpha-btc-local-lows-look-close-but-beware-news-agenda/" target="_blank" rel="noopener noreferrer nofollow">Derivatives market data</a> show a reduction in the spread between implied and historical volatility, by almost 90%, signaling that traders anticipate a period of more stable prices. Additionally, the short-term holder spent output profit ratio (SOPR) being at 0.97 indicates that these sales are currently at a loss, which could reduce selling pressure and favor price stabilization.</p>
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     <p lang="en" dir="ltr">Recently, the German government transferred a large portion of its <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> holdings to various exchanges, briefly driving the price under $55,000<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4c9.png" alt="📉" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>While many attribute the recent sharp drop in <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> prices to this action, <a href="https://twitter.com/hashtag/Bitfinex?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitfinex</a> analysts contend that its market impact was… <a href="https://t.co/zt2pdJZBCK" rel="noopener noreferrer nofollow">https://t.co/zt2pdJZBCK</a></p>— Tide Groups (@TideGroups) <a href="https://twitter.com/TideGroups/status/1810638370261074426?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 9, 2024</a>
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<h2 id="outlook-for-the-bitcoin-market">Outlook for the Bitcoin market</h2>
<p>As Bitcoin shows signs of stabilization, the implications for the market are manifold. Bitfinex analysts note that despite recent fluctuations, long-term holders continue to profit from their positions, which is a positive indicator for the overall health of the market. In contrast, short-term sales, which seem to be waning, suggest that selling pressure could diminish, thus offering a more stable environment for prices.</p>
<p>Additionally, Citi Bank’s forecasts regarding <a href="https://www.cointribune.com/en/bitcoin-imminent-impact-of-the-feds-interest-rate-reduction/" target="_blank" rel="noopener noreferrer nofollow">rate cuts by the US Federal Reserve</a> add an extra dimension to this analysis. A series of rate cuts, expected to start in September, could inject a new wave of liquidity into financial markets. This dynamic could translate into renewed interest in risky assets such as Bitcoin, thereby strengthening its position in the market.</p>

Bitcoin Should not Fall Further and Could Rebound According to Bitfinex

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