The Bitcoin market is currently in a consolidation phase, while investors ponder its next moves. Analysts are divided on future price directions.
Held Bullish Trend of Bitcoin
According to the Bitfinex Alpha report, the Bitcoin market is maintaining support at the short-term holder realized price (STHRP) at $98,220. Despite recent volatility, the asset shows resilience, confirming bulls' control over the market. Over time, the STH cost basis has risen to around $99,474, indicating persistent accumulation by newer market participants, including institutional buyers.
Whale Asset Distribution
Bitcoin whales are currently in a distribution phase, reducing their holdings since July 4. More than 14,000 BTC has been offloaded since June 30, indicating a cautious stance among large investors. However, both retail and institutional investors are increasing their holdings, having accumulated over 382,000 BTC this month, nearly matching the volume sold by long-term holders. As Bitfinex noted, 'This divergence points to a redistribution of coins from crypto natives to newer entrants and institutions.'
Market Awaits Fresh Signals
Analysts assert that Bitcoin's short-term momentum has weakened at upper trading ranges as traders close their positions at levels observed in early July. Given the current market uncertainty, new catalysts or clearer macroeconomic signals are needed for a significant price increase.
Despite current consolidation and caution from large investors, Bitfinex analysts see positive signs in the Bitcoin market that could foster price growth in the future.
