Bitcoin holds the $60,000 area and rebounds
Odaily reported that the latest Bitfinex Alpha report said Bitcoin held the $59,200 low after several tests, as tensions in the Middle East eased and expectations for a U.S.-Iran ceasefire increased. Bitcoin rebounded 3.54% this week and closed at $65,655. According to the report, the move was driven more by the exhaustion of selling pressure than by a clear increase in fresh demand.
Bitfinex noted that futures open interest had already fallen sharply from its May high. At the same time, short-term holders sold while in losses, and exchange balances dropped to a seven-year low. The report described these conditions as a phase of deleveraging and selling-pressure release, rather than a confirmed demand-led recovery.
On-chain and funding signals remain weak
The report said on-chain and funding data still point to weak demand. ETF flows remain negative, corporate treasury buying has slowed, and short-term holders are still generally sitting on unrealized losses of around 17% to 19%. This leaves heavy overhead selling pressure as prices approach levels where those holders can exit positions.
Bitfinex said Bitcoin is currently trapped between two key zones. The lower boundary is around the $54,000 cycle realized price support, while the upper boundary is near $68,000, where short-term holders face break-even pressure. The report described the market structure as “selling pressure paused, but buying pressure not confirmed.”
Macro pressure and institutional activity
On the macro side, U.S. inflation rose to 4.2% in May, mainly because energy prices moved higher amid the Middle East conflict. At the same time, economic growth slowed to 1.6%, raising concerns about “stagflation.” The report added that markets gained breathing room from expectations around a potential U.S.-Iran agreement. If the Strait of Hormuz reopens and the energy supply shock eases, inflation and real-rate pressure would decline, providing support for risk assets.
The report also highlighted the continued deepening of institutional activity. BlackRock has filed an application for a Bitcoin yield enhancement ETF. Japan’s three major banks, MUFG, Mitsubishi UFJ and Sumitomo Mitsui, are exploring the joint issuance of a yen stablecoin. Strategy also continued to accumulate Bitcoin, adding 1,550 BTC and bringing its total holdings to 845,256 BTC, reinforcing the trend of ongoing corporate accumulation.