Bitcoin lacks ‘sustained momentum’ for new high as traders are hesitant
Bitcoin traders are showing a “lack of follow-through strength” as BTC struggles to break its current all-time high level, says Bitfinex.
Traders are cautious about buying Bitcoin at its current level, as the cryptocurrency is struggling to find the strength to break above its all-time high of $111,970, according to Bitfinex analysts.
“Bulls are hesitant or unable to push prices significantly higher without fresh catalysts or clearer macro signals,” Bitfinex analysts said in a markets report on Tuesday, adding that Bitcoin (BTC) is showing weaker strength as it hovers below its current all-time highs to move above the level it reached on May 22.
“This signals a lack of follow-through strength,” the analysts added. Bitcoin is trading at $108,560 at the time of publication, up 2.15% over the past seven days, according to CoinMarketCap data.