Bitfinex says BTC shows mid-to-late bear market traits, with $63.2K as support

Bitfinex said Bitcoin is showing characteristics of a mid-to-late-stage bear market, with the token trading between its long-term realized price of $52,699 and short-term holder realized price of $67,176, according to Wu Blockchain. Bitfinex said the midpoint of those realized prices, around $63,200, has acted as support over the past two weeks, and a break below that level could put June’s low of $57,803 back in focus. The exchange added that despite easing U.S. inflation data and record highs in the stock market, those favorable conditions have yet to fully spill over into crypto markets. Bitfinex said it is difficult to expect a full liquidity recovery in crypto based on an improved macro backdrop alone until indicators such as recovering inflows into Bitcoin ETFs and renewed growth in stablecoin supply improve at the same time.