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

BlockBeats News, February 24th, Bitfinex Alpha released a report stating that Bitcoin is still range-bound, with the February 5th pullback being the deepest of this cycle so far. Volatility has narrowed, momentum has weakened, indicating that the market is transitioning from a liquidation-driven decline to a more balanced environment. On-chain data suggests that much of the recent sell-off has been absorbed by demand in the $60,000–$69,000 range. These holders are currently close to breakeven and have largely avoided accelerated selling, helping stabilize the price and leading the market into a sideways consolidation phase.

The Bitcoin ETF saw net outflows of approximately $166 million last week, with Ethereum products also experiencing continuous redemptions, indicating that institutional accumulation has not yet resumed. Although weekend inflows provided a preliminary signal of stability, the overall liquidity environment remains depressed. The risk-reward ratio continues to shrink towards historical defensive levels, indicating limited capital expansion within the network. Meanwhile, derivative positions have returned to normal, funding rates are neutral or slightly negative, reducing liquidation risk but also limiting the upside potential for prices to rise rapidly.

For a sustained breakthrough, the market needs a significant resurgence in spot demand and stronger institutional participation; until then, Bitcoin may continue to oscillate within the current absorption range.