Bitfinex: Bitcoin's trend may change decisively in the next few weeks

Odaily Planet Daily News Bitfinex analysts said in a recent market report that Bitcoin's trend may change decisively, "especially as more macroeconomic developments unfold." They pointed out that Bitcoin has been trading in a 15% price range since hovering around $90,000 in mid-November last year. Historically, the 15-20% comprehensive price range tends to "break out in either direction within 80-90 days." It said that although Bitcoin is "highly correlated" with macro conditions and US President Trump's tariffs on Canada, Mexico and China have caused turmoil in the cryptocurrency market, Bitcoin has recently been able to maintain a price above about $70,000 before the US election, which shows the relative strength of the asset. Trump's tariff policy led to the "largest liquidation event in cryptocurrency history" on February 3, with more than $2.24 billion in cryptocurrency markets exploded within 24 hours. Analysts added that "although Bitcoin's short-term volatility may continue due to macroeconomic impacts, its long-term prospects remain optimistic."