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2024/08/14 14:41

Bitfinex Report Examines Bitcoin's Local Bottom Am

Bitfinex Report Examines Bitcoin's Local Bottom Amid Market Rebound

Crypto exchange Bitfinex’s latest Alpha report examines various key metrics, providing insights into whether bitcoin may be approaching a local bottom. “Overall, these metrics underline the deep bearish sentient and stress among short-term investors, which usually occurs at local bottoms,” the report states.

Bitfinex Report Analyzes Bitcoin’s Rebound and Potential Local Bottom

Crypto exchange Bitfinex has provided an in-depth analysis of the cryptocurrency market, focusing on bitcoin’s recent recovery and its implications for future trends, in its latest Alpha report, published on Monday.

The report outlines a significant rebound in BTC, which surged nearly 28% from its recent low of $49,000, recovering above the critical $60,000 mark after a sharp sell-off in August. This recovery is examined through various key metrics, providing insights into whether bitcoin may be approaching a local bottom. Bitfinex emphasizes that the Mayer Multiple, which dropped to 0.88, a level not seen since the FTX collapse, “highlights the severity of the current market conditions.”

Additionally, the Short-Term Holder Realized Price, currently at $64,860, along with the Short-Term Holder MVRV ratio, showing the largest unrealized losses since 2022, indicate a deep bearish sentiment. Bitfinex noted:

Overall, these metrics underline the deep bearish sentiment and stress among short-term investors, which usually occurs at local bottoms.

Bitfinex also provided an analysis of the U.S. economy, stating that it remains resilient, with jobless claims dropping and wholesale inventories rising, supporting growth in Q2. Household debt slightly increased, but stable delinquency rates show borrowers still bolster economic activity. The firm noted that the services sector rebounded, easing recession fears. Meanwhile, financial giants like Blackrock expand in the digital asset market as the U.S. Securities and Exchange Commission (SEC) monitors cryptocurrency developments.

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