Comens4is Oficial

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[Comens4is Oficial @Comensais1]

The role of oracles in connecting smart contracts with real-world data. #BlockchainOracles"

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[Merve Bay @mervebayy]

Bitfinex Report Points to Key Bitcoin ($BTC) Support Level After Recent Dip

The price of the flagship cryptocurrency Bitcoin ($BTC) appears to have established a temporary price floor of around $56,000 after experiencing a 17.5% decline from a new all-time high above the $73,000 mark earlier this month.

According to a recently published Bitfinex Alpha report, the cryptocurrency’s price stabilized over a slowdown in inflows to spot Bitcoin exchange-traded funds (ETFs). The price floor Bitfinex found is “just above the Realised Price for the short-term holder cohort,” which is currently at around $58,000, while also being the estimated cost basis for those who invested through spot ETFs.

The report details that a fall to $56,000 would be “the maximum downturn we would expect from a new local high” and would represent a drop of around 23% to 24%, which is “consistent” with the firm’s earlier analysis of corrections to market bottoms.

This pattern held after Bitcoin’s price reached its floor in November 2022 after dropping below $15,500. The current correction aligns with this trend, falling within the average range of 20% to 22% observed this cycle, even considering intraday flash crashes.

The Realised Price level for the short-term holder cohort has acted as a significant support and resistance point throughout the current trading cycle, further supporting Bitfinex’s BTC price floor.

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