According to Foresight News, Bitfinex Alpha has released a report stating that the recent narrowing of Bitcoin's price trend reflects a cooling of on chain and derivative trading activity, manifested by a decrease in spot trading volume, reduced pressure on buy side buyers, and a decrease in open interest contract volume, highlighting the market's shift from a radical upward phase to a range oscillation phase. The realized price for short-term holders of Bitcoin is around $98700, which has become a key structural support level. During price corrections, bargain hunters often accumulate Bitcoin at this price, especially during the recent market correction caused by the escalation of tensions between Iran and Israel. This support effect is particularly evident. Bitfinex pointed out that historically, the third quarter was the weakest quarter for Bitcoin, with an average return of only 6.03%, far lower than the 27.12% in the second quarter, and often had lower volatility. This seasonal pattern, combined with the current technical situation, indicates that the price of Bitcoin may continue to consolidate sideways, unless there are major macroeconomic events or favorable factors related to ETFs (exchange traded open-end index funds) to break this situation.
