Odaily News In a recent market report, Bitfinex analysts said that Bitcoin’s trend could change decisively, “especially as more macroeconomic developments unfold.”
They noted that Bitcoin has been trading within a 15% price range since mid-November, when it hovered around $90,000. Historically, the combined 15-20% price range tends to “break out in either direction within 80-90 days.”
It said that although Bitcoin is "highly correlated" with macro conditions and U.S. President Trump's imposition of tariffs on Canada, Mexico and China has caused turmoil in the cryptocurrency market, Bitcoin has recently been able to maintain a price above about $70,000 before the U.S. election, which shows the relative strength of the asset.
Trump’s tariff policy led to the “largest liquidation event in cryptocurrency history” on February 3, with more than $2.24 billion in cryptocurrency market liquidation in 24 hours.
The analysts added that “while short-term volatility in Bitcoin may persist due to macroeconomic influences, its long-term outlook remains positive.”