Bitfinex Analyst Gradual Selling by Longterm Holders Indicates Bitcoin May Enter Consolidation Phase

Bitfinex Analyst Gradual Selling by Longterm Holders Indicates Bitcoin May Enter Consolidation Phase

Bitfinex Analyst Gradual Selling by Longterm Holders Indicates Bitcoin May Enter Consolidation Phase

According to a report from “The Block”, analysts at the cryptocurrency exchange Bitfinex suggest that the Bitcoin market may be entering a consolidation phase characterized by gradual selling from long-term holders.

The Bitfinex analysts emphasize the “Bitfinex Holder Net Position Change Index” which tracks the amount held by whales. This index has shown consistently negative values from large holders over the past nine days. The analysts added that the price of Bitcoin has dropped over 6% in the last 9 days, with a current trading price of around $65,536 at the time of writing.