Bitfinex report: Bitcoin stands at a key support level, the next few weeks will determine whether it can continue to hit new highs

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On April 28, Bitfinex released a report stating, "Bit continues to demonstrate strong resilience, rising over 10% in the past week, outperforming traditional risk assets like the S&P 500 index. After experiencing several weeks of oscillating market and low liquidity, Bit has returned to the range low of $94,000—a key position that previously supported Bit's record high in January this year. This rebound is supported by a shift in macro sentiment, especially the optimistic expectations of potential tariff relief measures by the US government, which has triggered an overall increase in global market risk appetite. Bit has now also returned above the Short-Term Holder Cost Basis level, around $92,900. This on-chain key indicator is typically viewed as an important dividing line between a correction phase and re-entering bull market momentum. Meanwhile, the Percent Supply in Profit indicator has also rebounded to 87.3%, indicating improved market health and increased investor profitability. The next few weeks will be crucial. Currently, market sentiment has not reached an extremely euphoric level, and whether Bit can maintain its current gains in the coming weeks will determine if it can initiate a new round of increases and challenge its historical high, or if a new round of correction will occur."

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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