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Bitcoin Price Up 2% But Momentum Weakens
Bitcoin Price – Bitcoin (BTC) continues to face resistance just below its all-time high (ATH) of $111,970, with traders showing increasing caution, according to a recent Bitfinex market report. The flagship cryptocurrency is currently trading at $108,560, reflecting a modest 2.15% gain over the past week, CoinMarketCap data shows.
Cautious Bulls and Tight Consolidation
Analysts from Bitfinex highlighted that bulls are hesitant to push prices significantly higher without the presence of fresh catalysts or more definitive macroeconomic signals. Since briefly dipping below $100,000 on June 22 due to Middle East geopolitical tensions, Bitcoin managed a rebound—but has since stalled in a narrow range between $100K and $110K.
“This lack of momentum suggests a market in delicate equilibrium,” Bitfinex stated, noting that while profit-taking pressures have eased, buying interest remains weak.
One of the most closely watched levels remains the ATH, just 3.14% above current prices. According to CoinGlass, if Bitcoin successfully reclaims this level, it could trigger the liquidation of $1.63 billion in short positions—a move that could potentially fuel a significant price breakout.
Sentiment Turns Bullish—But Caution Remains
In contrast to market indecision, social media sentiment around Bitcoin is heating up. Santiment reports that bullish mentions now outnumber bearish ones by 1.51 to 1, marking the highest optimism in three weeks. However, similar sentiment spikes on June 11 and July 7 were followed by price dips, warns Santiment’s Brian Quinlivan.
Bitcoin as a Hedge Amid Uncertainty
Yellow Chairman Alexis Sirkia told Cointelegraph that easing global tensions are helping shift market sentiment from fear to neutral-bullish. He added that Bitcoin, Ethereum, and XRP may be increasingly viewed as safe-haven assets, similar to gold, in the face of persistent economic uncertainty.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
