Bitcoin’s recent three-month rally may be slowing as traders begin to take profits, according to analysts at Bitfinex. They noted a decrease in buying momentum, signaling a potential 'local top' for Bitcoin's price, which has risen nearly 41% since its year-to-date low in April to approximately $107,380. Analysts highlight that diminishing order flow and onchain metrics suggest a period of consolidation rather than continued strong price gains. Spot Bitcoin exchange-traded funds (ETFs) have seen impressive inflows over the past weeks, contributing to market sentiment. However, the Federal Reserve’s interest rate decisions could significantly impact future Bitcoin price movements, with updated projections hinting at a possible rate cut meeting on July 30. While uncertainty looms in the short term, many analysts believe the overall market structure remains robust with support levels intact. The narrative suggests that sustained growth might require long-term holders to cease selling pressure, as their actions have hindered Bitcoin's price from breaking through the $100,000 mark despite increasing institutional interest.

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