Bitcoin is nearing its all-time high of $111,970, yet analysts from Bitfinex caution that there is insufficient fundamental support to drive it beyond this level. They emphasize that the risk of a short-term correction is heightened due to the absence of a strong catalyst, particularly as long-term holders may begin to sell their assets. A substantial sell-off from these holders has the potential to trigger a prolonged consolidation phase. As of the latest data, Bitcoin's price is at $109,519, reflecting a 5.21% increase over the past month, which is notable considering it had previously dipped to $78,513 in Q1 2025. Analysts are closely monitoring macroeconomic events, including an upcoming interest rate decision from the US Federal Reserve on June 18 and uncertainties surrounding US President Donald Trump's tariff policies, which may influence the market direction. While Bitcoin's recent price movement shows promise, there remains a cautious sentiment among traders due to the potential liquidation of approximately $1.08 billion in short positions if the all-time high is reclaimed.

Source 🔗