Bitfinex: The trend of Bitcoin may undergo a decisive change in the coming weeks

ChainCatcher news, Bitfinex analysts stated in a recent market report that Bitcoin's trend may undergo a decisive change, "especially as more macroeconomic developments unfold."

They pointed out that since mid-November last year, when it hovered around $90,000, Bitcoin has been trading within a 15% price range. Historically, a 15-20% consolidated price range tends to "break out in either direction within 80-90 days."

It was noted that although Bitcoin is "highly correlated" with macro conditions, and U.S. President Trump’s tariffs on Canada, Mexico, and China have caused turmoil in the cryptocurrency market, Bitcoin has recently managed to stay above approximately $70,000 ahead of the U.S. elections, indicating the relative strength of the asset.

Trump's tariff policy led to "the largest liquidation event in cryptocurrency history" on February 3, with over $2.24 billion in liquidations within 24 hours.

Analysts added that "while Bitcoin's short-term volatility may persist due to macroeconomic influences, its long-term outlook remains optimistic."