Bitcoin reached a peak of $107,380 after dropping to $73,273. However, analysts note signs of slowing growth and potential consolidation.
Slowing Growth of Bitcoin
After hitting a year-to-date low of $73,273 on April 9, Bitcoin surged nearly 41% to $107,380. However, analysts at Bitfinex pointed out that 'momentum has begun to fade' for the first time during this uptrend.
Impact of ETFs and Macroeconomic Factors
Despite the short-term cooldown, Bitcoin's trajectory will depend on macroeconomic developments and sustained institutional demand. US-based Bitcoin ETFs reported inflows of $4.63 billion between June 9 and June 27.
Long-Term Holders as a Growth Factor
While uncertainty clouds Bitcoin's short-term direction, analysts remain optimistic about market structure. Long-term holders have recently been reducing their positions since the beginning of the year.
In the face of uncertainty in the short-term Bitcoin market, analysts note that key factors for future growth will be long-term holders and macroeconomic conditions.
