BTC lacks direction, trapped between $60K and $70K, analysis finds

Bitcoin is moving sideways after failing to meet the conditions for a bullish turn, CryptoPotato reported, citing a Bitfinex analysis. According to Bitfinex, on-chain data indicates that neither buyers nor sellers have a firm grip on the market, suggesting Bitcoin has lost direction rather than entered a sustained bear market. The price remains in a range between $62,500 and $72,000. The report noted that key conditions for a short-term rally, such as spot ETF inflows and a shift to negative funding rates, have not materialized. While ETFs have seen net outflows, the decline in trading volume is not severe enough to confirm a bear market. Bitfinex added that for Bitcoin to defend its support levels, the U.S. Federal Reserve must maintain its stance against inflation. Structurally, Bitcoin is trading below the average purchase price of active investors, with the $68,500 to $72,000 range acting as a break-even sell-off zone. The exchange projects that BTC will continue to fluctuate between $60,000 and $70,000, or potentially narrow to a tighter range of $62,000 to $64,000. Key levels to watch are the $54,000 support line, the $72,000 break-even line, and the $77,200 short-term holder resistance level.