Bitfinex Report: 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 decreased, momentum has weakened, indicating the market is transitioning from a liquidation-driven decline to a more balanced environment. On-chain data suggests that most of the recent downturn has been absorbed by the demand zone around $60,000–$69,000. These holders are currently close to breakeven and have largely avoided accelerating sell-offs, helping stabilize the price and leading the market into a consolidation phase.

The Bitcoin ETF saw net outflows of around $166 million last week, with Ethereum products also experiencing continuous redemptions, indicating a lack of sustained institutional accumulation. While weekend inflows provided some initial stability signals, the overall liquidity environment remains subdued. The risk-reward ratio continues to shrink towards historical defensive levels, indicating limited capital expansion in the network. Meanwhile, derivative holdings have returned to normal, funding rates are neutral to slightly negative, reducing liquidation risk but also limiting upward price momentum.

For a sustainable breakout to occur, 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.