Bitfinex Analysts: Further Decline in Bitcoin Likely

Based on the recent report from Bitfinex, Bitcoin, after reaching the $70,000 mark and then dropping to $66,000, might see further declines in the coming days. The reason for this drop is the significant downward pressure on implied volatility in the options market. After Joe Biden withdrew from the 2024 elections, volatility returned to the cryptocurrency market, leading to greater instability in Bitcoin’s price. As the weekend approaches and with speeches by Donald Trump and Robert F. Kennedy at the Bitcoin 2024 conference in Nashville, implied volatility decreased, contributing to the price drop.

Bitfinex analysts believe that the $68,000 to $69,000 level still acts as resistance, and Bitcoin is likely to remain below these lines.

With the expiration of 61,000 Bitcoin options contracts on Friday and the continuous decline in implied volatility, Bitcoin’s upward trend has halted. The price of this cryptocurrency will remain below the $68,000 to $69,000 resistance zone. The market is not yet ready to break this resistance level, and there is a possibility of further retracement for Bitcoin.

Analysts have also pointed out that other factors could affect the price trend of this cryptocurrency. Among these factors are changes in global monetary policies, macroeconomic conditions, and political developments. Especially in this period where markets are highly sensitive to political news and events, any change in these factors could lead to further volatility in Bitcoin’s price.

As a result, Bitfinex experts recommend that investors be more careful and vigilant in analyzing the market and adjust their strategies based on current conditions to avoid risks arising from severe fluctuations. Given the current situation, Bitcoin may face more challenges in the short term but will remain a powerful digital currency.