Bitcoin Stays Bullish Despite Q3 Slowdown Signs

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BTC is in a waiting game, with reduced profit-taking and cooling signs seen in overall on-chain and exchange activity following a flush in the futures market.

Since May 8, bitcoin (BTC) has been confined within the $100,000 to $110,000 range, indicating that neither bulls nor bears have been able to take control. This consolidation phase has continued as the leading digital asset enters the third quarter of the year.

According to the latest Bitfinex Alpha report, BTC may perform even more poorly over the next three months, as this quarter has historically been its weakest.

BTC in A Waiting Game
Bitfinex analysts say BTC is in a waiting game, with reduced profit-taking and cooling signs seen in overall on-chain and exchange activity. The cryptocurrency bottomed at $99,830 last week, triggering significant liquidations across the futures market. Both long and short traders were hit with liquidations totaling hundreds of millions each.

Bitcoin-denominated open interest also declined 7.2% from 360,000 BTC to 334,000 BTC. Bitfinex said the liquidations and decline in open interest indicated a forced de-leveraging event that cleared speculative positions on both sides. The flush reflected a highly reactive environment where overextended traders were caught off guard, leading to a short-term reset.


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