Bitcoin hovering below 60000 magnesium, where does the long and short direction go

Although Bitcoin has experienced several rebounds in recent times, it has quickly fallen back and is currently hovering below $60000. Bitfinex analysts warn that the summer specific liquidity shortage problem may continue into September, making it difficult for Bitcoin to break through the pressure level of $63900. Bitfinex analyst said in an interview with Cointelegraph:

The price reflects the historical market trading situation; we must conduct in-depth analysis. The price has currently rebounded to about $63900, which is the realization price of short-term holders (STH), so we have also seen some profit taking from the STH group

However, other analysts have made opposite predictions based on different data. Bitcoin data analyst Axel pointed out that the average exchange inflow/outflow ratio shows strong buying pressure. This is the sixth time in the past decade that this situation has occurred, and each time it has been accompanied by a strong upward trend.

On the other hand, CryptoQuant analyst Woominkyu also pointed out that there is a close correlation between Bitcoin hash price and Bitcoin price, and the current sluggish hash price may suggest that Bitcoin price is approaching the bottom. Woominkyu explained that the price of computing power reflects the profitability of miners, and historically, when the price of computing power drops to a lower level, it is often the low point of Bitcoin. This suggests that the current low computing power prices may indicate similar entry opportunities.

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