Bitfinex analysts say that Bitcoin holders who bought in Q1 are now being tested as “the price churns sideways near ATH levels.”
Bitcoin may be on the verge of reclaiming its all-time high of $111,970, but crypto analysts say there’s little fundamental support for the asset to meaningfully break above the level.
“The risk of a short-term correction continues to build — especially in the absence of a strong catalyst to push Bitcoin decisively above the current all-time high,” Bitfinex analysts said in a report on Monday.
“Without a strong macro or structural upside catalyst, Bitcoin is vulnerable to short-term corrections, particularly as long-term holders distribute into strength,” they said.
