Bitfinex Analyst: Traders Cautious on Buying BTC, Bulls Lack New Catalyst or Clear Macro Signal

On July 9th, the analysts at Bitfinex pointed out in their latest report that current traders are cautious about purchasing Bitcoin at the present price level. This is because the cryptocurrency has continuously failed to successfully break through the historical high of $111,970. "The bulls seem hesitant or are unable to push the price further upward in the absence of new catalysts or clearer macro signals." The analyst stated that although the profit-taking pressure has decreased, the lack of buying interest indicates that traders are still waiting for direction confirmation. It is worth noting that according to Santiment data, Bitcoin's social media sentiment has reached a three-week high, with bullish comments being 1.51 times more than bearish ones. However, the analysts at the platform warn that similar sentiment spikes have led to price pullbacks on June 11th and July 7th.