Bitfinex released a report saying that Bitcoin saw a stunning rally last week, recovering to above $100,000 after briefly falling to a low of $89,698. The rally reached a high of $105,800. The 18.2% rally from peak to trough highlights the relative strength of Bitcoin relative to stocks. The recovery was largely driven by active spot purchases, as evidenced by the significant increase in cumulative volume increments in spot. This indicator indicates significant buyer buying pressure, especially from US exchanges. The buying pattern is similar to previous activity related to MicroStrategy and ETF purchases, further confirming the view that institutional demand remains strong.
However, the spot buying pressure that emerged last week may take time to replenish the buying, possibly triggering a short pullback before further upward momentum can resume. Bitcoin's resilience and continued demand have allowed it to continue strengthening in the medium term.
Bitfinex: Bitcoin's resilience and continued demand will keep it strong in the medium term
2025-01-20 14:41:42
Bitfinex Releases Reports Weekly Bitcoin Emergence Amazing Rallydesk3cryptocurrencydesktopCrypto News
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