Bitfinex report: BTC consolidation leads to market tension

Planet Daily News: The Bitfinex Alpha report points out: Bitcoin showed a strong rebound early this week, rising 4.7% from the weekly opening price and briefly retesting the previous historical high of $109,590. However, after Israel's unexpected attack on Iran on June 13 triggered a global market crash, optimistic sentiment was quickly replaced by risk-averse sentiment. Bitcoin gave back most of its early gains, dropping 7.33% and closing lower for the week, as rising oil prices and macroeconomic uncertainty severely affected investor sentiment. This event highlights how even strong trends can quickly deviate from their path due to external shocks, especially in a hot market. Beneath the surface, traders' behavior reveals growing pressure. Bitcoin's net buying volume plummeted to -$197 million (see below), the lowest level since June 6, indicating that sellers have taken control of the market and are selling BTC at market prices. However, this selloff, coupled with a surge in liquidations, is similar to past capitulation-style selloffs—which typically mark a local market bottom. If Bitcoin can hold the range of $102,000 to $103,000, it may indicate that selling pressure is being absorbed and the market may be preparing for a recovery—provided that geopolitical risks do not further escalate.