Bitfinex Report: Bitcoin Holds Key Support Level, Next Few Weeks to Determine Potential for New All-Time High

BlockBeats News, April 28th, Bitfinex released a report stating, "Bitcoin continues to demonstrate strong resilience, rising over 10% in the past week, outperforming traditional risk assets such as the S&P 500 Index. After experiencing weeks of volatility and low liquidity, Bitcoin has once again risen above the $94,000 range low — a key level that previously supported Bitcoin's rally to a historic high in January this year. This rebound has been supported by a shift in macro sentiment, especially the optimistic expectations of the U.S. government possibly implementing tariff reduction measures, triggering an overall risk-on sentiment in the global market."

Bitcoin has now reclaimed the Short-Term Holder Cost Basis level, which is around $92,900. This on-chain key metric is often seen as an important threshold between a correction phase and re-entering bull market momentum. At the same time, the Percent Supply in Profit indicator has also risen to 87.3%, indicating an improvement in market health and an increase in investor profitability.

The next few weeks will be crucial. Currently, market sentiment has not reached an extremely euphoric level. Whether Bitcoin can sustain its current gains in the coming weeks will determine whether it can start a new rally, challenge its all-time high, or experience a new round of pullback."