Bitfinex: Bitcoin's trend may change decisively in the next few weeks

Odaily reports that Bitfinex analysts stated in a recent market report that the trend of Bitcoin may undergo a decisive change, "especially as more macroeconomic developments unfold". They pointed out that since mid-November last year, Bitcoin has been trading within a 15% price range around $90,000. Historically, a 15-20% overall price range often "breaks out in either direction within 80-90 days". They said that although Bitcoin is "highly correlated" with macroeconomic conditions, and US President Trump's tariffs on Canada, Mexico and China have caused turmoil in the cryptocurrency market, Bitcoin has still managed to maintain a price above $70,000 before the US election, indicating the relative strength of the asset. Trump's tariff policy led to the "largest liquidation event in cryptocurrency history" on February 3, with over $2.24 billion in cryptocurrency market liquidations within 24 hours. The analysts added that "although Bitcoin's short-term volatility may continue due to macroeconomic impacts, its long-term outlook remains optimistic."