Bitfinex Alpha said in its latest report that Bitcoin has remained within a roughly 5.5% trading band for more than 24 consecutive trading days, with the cost basis of about 840,000 BTC sitting inside that range. The report said profit-taking has slowed sharply, pushing the seller risk ratio down to 7 basis points, one of the lowest readings seen over the past year. Even so, weak spot demand is still holding back a breakout.
The report also pointed to leverage building at both ends of the range. Bitfinex said around $1.95 billion in short liquidation risk is clustered near $82,000, while a sizable concentration of long positions sits in the $75,000 to $76,000 zone. That setup, according to the report, could amplify price swings after the Federal Reserve’s interest-rate decision. Bitfinex added that rising energy costs, higher real yields, and weakening consumer confidence are making the macro backdrop more complicated, leaving Bitcoin’s next move tied to Fed guidance as well as the direction of real yields and energy prices.
Bitcoin has remained within a roughly 5.5% range for more than 24 consecutive trading days, according to the latest Bitfinex Alpha report. The report said the cost basis of about 840,000 BTC is located within that band.
Bitfinex said profit-taking has slowed noticeably, bringing the seller risk ratio down to 7 basis points, one of the lowest levels of the past year. At the same time, insufficient buying demand is still preventing a breakout.
Leverage has also built up near both the upper and lower edges of the range. Bitfinex said about $1.95 billion in short liquidation risk is concentrated near $82,000, while the $75,000 to $76,000 area holds a relatively large concentration of long positions. The report said that positioning could magnify price volatility after the Federal Reserve’s rate decision.
Bitfinex also said rising energy costs, higher real yields, and weaker consumer confidence are making the macro backdrop more complex. Whether BTC can break out of the current range still depends on Federal Reserve policy guidance, along with the next moves in real yields and energy prices.
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