Bitcoin Struggles With Fragile Support Amid Weak Demand

Recent analysis from Bitfinex Alpha reveals that Bitcoin’s current support is precarious, stemming from weak demand and continued selling by long-term holders. This weakness threatens Bitcoin’s stability, potentially leading to further declines in related assets like Ethereum, XRP, BNB, and SOL unless new demand emerges. The market remains hesitant as Bitcoin’s trading range has been narrow, reflecting cautious sentiment. Despite the lack of institutional buying to counter this selling pressure, there is a possibility for positive change if fresh investor interest materializes, although historical precedents suggest potential for further declines.