Bitfinex Alpha: Market in Late Correction Phase, $93K to $95K Range Could Become Bitcoin's Cyclical Bottom

BlockBeats News, September 4th, Bitfinex Alpha released a report stating that Bitcoin briefly dropped below $110,000, with its retracement from the all-time high of $123,640 expanding to over 13%. Historical retracement patterns and seasonal trends indicate that the market is actually in the late stage of a correction, with the $93,000–$95,000 range expected to become a cyclical bottom. On-chain data also confirms this: the current short-term holder realized price is $108,900, serving as a key support level. If the price continues to stay below this level, it may further increase downward pressure. Exchange order flow indicators also show that the spot market sentiment is trending towards neutrality, reinforcing the view that buyers are choosing to wait and see for stronger catalysts to appear before taking action.

Altcoins have shown even weaker performance, reflecting a widespread risk-off sentiment in the market. Ethereum (ETH) retraced 14% after briefly hitting a new all-time high, while XRP, ADA, and DOGE all experienced double-digit declines. However, institutional demand remains resilient beneath the surface, with ETH treasuries and corporate buyers continuing to accumulate. Mid-cap tokens such as CRO and PUMP have excelled in a narrative-driven market, but this rotation is more often at the expense of outflows from weaker coins rather than new inflows of capital.