Bitcoin Lacks Upside Momentum Despite $80K Rally

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Bitfinex analysts highlighted an improving but uneven demand wave and resistance zones where short-term holders are exiting at breakeven.

Bitcoin (BTC) is currently on a roll, surging past the $80,000 mark and touching base above $81,000. While this rally could be a reason for positive sentiment, market experts believe otherwise.

In a weekly report from the crypto exchange Bitfinex, analysts warned that bitcoin’s rally to $80,000 is misleading because the market is not positioned for upside movement. According to the analysts, BTC is currently stuck between bulls and bears, conviction and caution. Considering market conditions, the leading digital asset is likely to lean toward the negative rather than the positive.

A Misleading Rally
To substantiate their claims, the Bitfinex analysts highlighted an improving but uneven demand wave. Based on historical data, BTC rallies have been sustained by strong demand, but that is not the case this time.

Underlying demand is improving with steady inflows from spot exchange-traded funds (ETFs) and continued accumulation from institutions like Strategy. However, the demand is not strong enough to absorb the overhead supply and confirm a sustained breakout. In fact, BTC is in a fragile yet constructive range, with short-term holders taking profits as they exit positions near breakeven.


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