Svmuu News: Bitfinex analysts note that Bitcoin (BTC) is currently under sustained pressure below the $60,000 level, having fallen significantly from its all-time high of over $130,000. The sustained upward trend previously anticipated by the market is now facing clear pressure for a reversal.A “structural withdrawal” has emerged in the spot market; outflows from ETFs have yet to subside, and demand from crypto treasury channels has noticeably cooled, leaving the market lacking key buying support.
In its scenario analysis, Bitfinex believes that if the short-term macroeconomic environment deteriorates further, the Bitcoin“realized price” of approximately $53,400 will serve as a key technical support level. However, based on the historical four-year cycle pattern and the law of diminishing returns, the price may still experience a “final lower wick” that drops to the $40,000 range.
The analysis notes that Bitcoin has currently retreated by approximately 53.9% from its all-time high. The market decline is primarily driven by a combination of ETF sell-offs, stop-loss orders from short-term holders, and capital outflows, while the institutional and treasury demand engines that previously supported the market have clearly weakened.Only if spot demand rebounds will Bitcoin be able to complete its bottoming process and resume its upward trend; otherwise, it will continue to face further downside risks in the short term. (Crowdfundinsider)