Bitfinex: Bitcoin faces crossroads after 10% pullback amid liquidation, macro pressures

Bitcoin has dropped over 10% from its all-time high, driven by strong spot demand, long-term holder profit-taking and macroeconomic strain, according to Bitfinex Alpha, the weekly analysis report from U.S.-based crypto exchange Bitfinex. On June 5, over $875 million in long positions were liquidated in a single day. Bitfinex added that despite the rising sell pressure, key support levels for BTC include $103,700, $97,100, and $95,600. Meanwhile, the U.S. economy shows signs of weakening, with slowing job growth, contraction in manufacturing and services and rising inflation pressures. Crypto adoption continues to grow globally, with IG Group offering spot crypto trading and Japan’s Metaplanet raising $5.4 billion to expand its Bitcoin holdings, according to the report.