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Stock Market Analysts Caution on Bitcoin (BTC): “The Uptrend Has Arrived, But…
Source: en.bitcoinsistemi.com | 3 hours ago
Bitfinex analysts have advised caution despite Bitcoin’s recent price surge, highlighting a slowdown in momentum within the spot market.
According to the latest analysis, while Bitcoin’s initial rise was driven by strong spot market buying, this activity has since stabilized. Analysts pointed to the spot Cumulative Volume Delta (CVD), a key metric that tracks the difference between cumulative buying and selling volumes, which has now flattened. This flattening indicates that the early wave of buying pressure has diminished.
“We expect Bitcoin to consolidate within a new range near its current levels or undergo a partial correction in the short term,” Bitfinex analysts stated in their report, adding that a period of market stabilization or a slight pullback in price is likely.
Bitcoin is up nearly 7% over the past week, currently trading at $63,304.