Bitfinex Alpha: Bitcoin price may continue to trade sideways, barring major macroeconomic events

Bitfinex Alpha released a report saying that the recent narrowing of Bitcoin's price movement reflects the cooling of on-chain activity and the active level of derivatives trading. This is reflected in the decline in spot trading volume, the decrease in buyer pressure to eat orders, and the decrease in the number of unpositioned squaring contracts, highlighting that the market is moving from an aggressive upswing phase to a range volatility phase. The realisation price of Bitcoin short-term holders is around $98,700, which has become a key structural support level. During the price correction, bargain buyers often accumulate Bitcoin at this price level, especially during the recent market correction caused by the escalation of tensions between Iran and Israel. This support is particularly obvious.
Bitfinex pointed out that the third quarter was the weakest quarter for Bitcoin in terms of historical data, with an average return of only 6.03%, much lower than the 27.12% in the second quarter, which tends to be volatile. This seasonal pattern, combined with the current technical situation, indicates that the price of Bitcoin may continue to trade sideways, unless there are major macroeconomic events or positive factors related to ETFs (exchange-traded open-ended index funds) to break the situation.