Bitfinex Says Bitcoin Shows Mid- to Late-Bear Market Traits, With $63,200 Support
Forecast Trend Report by Period
Bitcoin is showing characteristics of a mid- to late-stage bear market, Bitfinex said.
Wu Blockchain reported on August 17 that Bitcoin is trading between the long-term holder realized price of $52,699 and the short-term holder realized price of $67,176, according to a Bitfinex report.
Bitfinex said the midpoint of those realized prices, at about $63,200, has acted as support over the past two weeks. If Bitcoin falls below that level, the June low of $57,803 could come back into focus.
The exchange added that favorable conditions, including easing US inflation and record highs in the stock market, have yet to fully spill over into the crypto market. A broader liquidity recovery will be difficult to expect until Bitcoin ETF inflows rebound and stablecoin supply resumes growing at the same time.
