Bitfinex: Bitcoin has reached a key support level, and the next few weeks will determine whether it can continue to hit new highs

Planet Daily News, Bitfinex released a report stating, "Bitcoin 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 volatile and low liquidity markets, Bitcoin has returned to the range low of $94,000 - a key level that supported Bitcoin's record high this yearbound is supported by macro sentiment shifts, especially optimistic expectations of potential tarreliefies by the US government, which triggered a global market risk appetite recovery. Bitcoin has now also returned above the Short-Term Holder Cost Basis level, around $92,$900. This . This on-chain indicator is typically viewed as a critical demarcation 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 improved investor profconditions. The. The next few weeks will be crucial. Currently, market sentiment has not reached an extremely euphoric level, and whether Bitcoin can maintain its current gains in the coming weeks will determine if it can launch a new round of increases and challenge historical highs, or if a new round of correction will occur."