Bitfinex Report: BTC Consolidation Leads to Market Tension

Odaily Planet Daily reports that the Bitfinex Alpha report indicates: Bitcoin showed a strong rebound early this week, rising 4.7% from the weekly opening price and briefly retesting the previous all-time high of $109,590. However, after Israel's unexpected attack on Iran on June 13 triggered a global market plunge, optimism was quickly replaced by risk aversion. Bitcoin gave back most of its early gains, falling 7.33% and closing lower for the week, as rising oil prices and macroeconomic uncertainty severely impacted investor sentiment. This event highlights that even strong trends can be quickly derailed by external shocks, especially in a heated market environment.

Beneath the surface, traders' behavior reveals growing pressure. Bitcoin net buying volume plummeted to -$197 million (see chart below), the lowest level since June 6, indicating that sellers have taken control of the market, aggressively selling $BTC at market prices. However, this selling combined with a surge in liquidations resembles past capitulation sell-offs—these typically mark local market bottoms. If Bitcoin can hold the $102,000 to $103,000 range, it may indicate that selling pressure is being absorbed and the market could be poised for recovery—provided geopolitical risks do not further escalate.