Bitfinex Research: Bitcoin Likely to Continue Consolidating in $60k-$69k 'Accumulation' Range

**February 24th Update** Bitfinex Alpha’s latest report notes Bitcoin remains locked in range-bound consolidation, with its February 5 pullback marking the deepest decline of the current cycle to date. Volatility has cooled and momentum has weakened, signaling the market is shifting from liquidation-driven drops to a more balanced environment. On-chain data shows most of the recent sell-off was absorbed by the $60,000–$69,000 demand zone. Holders in this range are near breakeven and have largely avoided accelerated selling, which has stabilized prices and spurred further consolidation. Bitcoin ETFs posted net outflows of around $166 million last week, while Ethereum products continue to see redemptions—indicating institutional accumulation has yet to resume. Though weekend inflows delivered initial stability signals, overall liquidity remains depressed. The risk-reward ratio is shrinking toward historical defensive levels, reflecting limited capital inflows into the network. Derivative positions have returned to normal, and funding rates are neutral to slightly negative: this reduces liquidation risks but caps upside momentum for price acceleration. For a sustainable breakout, the market needs a notable resurgence in spot demand and stronger institutional participation. Until then, Bitcoin is likely to keep oscillating within its current absorption range.