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Bitcoin (BTC) has remained within a stable trading range of $91,000 to $102,000 for the last 81 days, indicating that traders are awaiting clearer macroeconomic signals before making significant moves, according to Bitfinex.
The company’s latest Alpha report noted that BTC has exhibited minimal directional momentum despite rising global geopolitical tensions. Its weekly performance recorded only a modest 4.3% peak-to-trough movement and concluded with a slight 0.82% gain.
This period of stagnation has also affected altcoins, many of which have faced challenges amid uncertainty. The broader altcoin market has significantly lagged behind Bitcoin, with meme coins like PEPE experiencing substantial losses — down 46.4% over the past month.
Meanwhile, Bitcoin’s price stability suggests a shift of capital away from altcoins and into the leading cryptocurrency, further solidifying its status as the dominant digital asset.
Altcoins decline
The global altcoin market capitalization has decreased by $234 billion in just 14 days. Despite this decline, Bitcoin has remained relatively stable, indicating a growing divergence between the flagship cryptocurrency and the rest of the market.
According to the report, this trend underscores Bitcoin’s increasing correlation with macroeconomic conditions and its evolution as a risk asset.
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Another key indicator, the Inter-Exchange Flow Pulse (IFP), turned bearish on February 15 for the first time since June 2024. This change suggests that traders may be reducing their risk exposure, potentially leading to further downward pressure.
However, the IFP remains above its 90-day moving average, allowing for the possibility of a market rebound.
Realized losses
Despite the volatile price movements, Bitcoin investors have recorded some of the largest realized losses of the current bull market cycle.
Short-term holders (STHs) have been particularly impacted. This group realized $520 million in losses, reflecting levels seen during previous market downturns.
In contrast, long-term holders (LTHs) have continued to maintain their positions, reinforcing the view that Bitcoin’s consolidation phase is a natural correction within an ongoing bull market.
While bullish catalysts, such as Abu Dhabi’s investment in BlackRock’s Bitcoin exchange-traded fund (ETF), have provided some support, traders remain cautious.
The post Bitcoin completes 81 days in consolidation as traders await clearer macro signals appeared first on CryptoSlate.
