Bitfinex: Bitcoin has reached a key support level, and the next few weeks will determine whether it can continue to hit new highs

Odaily Planet Daily News, Bitfinex released a report saying, "Bitcoin continues to show strong resilience, rising more than 10% in the past week, outperforming traditional risk assets such as the S&P 500. After weeks of volatility and low liquidity, Bitcoin has re-established its range low of $94,000 - a key position that supported Bitcoin's rally to a record high in January this year. The rebound was supported by a shift in macro sentiment, especially optimistic expectations that the U.S. government may introduce tariff relief measures, which triggered a rebound in overall risk appetite in global markets. Bitcoin has also re-established its Short-Term Holder Cost Basis level at around $92,900. This key on-chain indicator is often seen as an important dividing line between the correction phase and re-entering bull market momentum. At the same time, the Percent Supply in Profit indicator also rebounded to 87.3%, indicating that the market health has improved and investors' profits have increased. The next few weeks will be crucial. At present, market sentiment has not reached an extremely excited level. Whether Bitcoin can maintain its current gains in the next few weeks will determine whether it can start a new round of gains and hit a new historical high, or whether there will be a new round of correction. "