According to BlockBeats, on July 9th, Bitfinex analysts pointed out in their latest report that current traders are cautious about buying Bitcoin at the current price level, as the cryptocurrency has yet to effectively break through its historical high of $111970. Bulls appear hesitant or unable to push prices further up in the absence of new catalysts or clearer macro signals.
Analysts say that although profit taking pressure has eased, the lack of buying interest indicates that traders are still waiting for direction confirmation. It is worth noting that Santiment data shows that Bitcoin social media sentiment reached a three week high, with bullish comments being 1.51 times bearish. However, analysts on the platform caution that similar emotional surges led to price corrections on June 11th and July 7th.
