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Bitcoin Bull Run Might Not Be Over Yet, Says Bitfinex Report
By: coinchapter|2025/05/07 04:00:05
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Bitcoin’s price surged by 14.08% in April 2025, according to the latest Bitfinex report. The gain exceeded Bitcoin’s historical monthly average of 13% and the median return of 7.3%. The report was published on May 6. Early April brought price pressure. A U.S. tariff announcement from President Donald Trump pushed Bitcoin’s price down to $74,501. The coin later recovered 32%, reaching $97,900 by the end of the month. The Bitfinex report linked the rebound to inflation concerns and a weakening U.S. dollar. The report stated that the Bitcoin bull run may not be over. However, it noted that the market trend depends on macroeconomic stability . April’s strong finish showed resilience, especially after the early decline. Bitcoin Miners Hold Reserves, Supporting Bull Cycle Data Miners typically sell Bitcoin to cover costs. Instead, they kept holding, which the report linked to expectations of future price strength. The report also cited the Puell Multiple, which remained under 2. This metric compares current miner revenue to historical levels. The current reading shows that the market has not reached a typical cycle top. The report stated: The miner behavior and low Puell Multiple add to signs that the Bitcoin bull run could extend, but the Bitfinex report did not give a price prediction. Bitfinex: Bitcoin $95,000 Level Remains Crucial for Trend Shift The Bitfinex report identified $95,000 as a key level for Bitcoin’s price. This level was the lower edge of a range seen between November 2024 and February 2025. The report noted that Bitcoin is now consolidating around this point. A clear move above $95,000 may shift the trend upward. If Bitcoin fails to hold this level, the price may fall back to previous support zones. The report said, The next few days may show whether Bitcoin can reclaim this level as support or continue consolidating below it. Bitfinex: Short-Term Holder Cost Basis Near Bitcoin’s Current Price The Bitfinex report also reviewed Bitcoin’s position relative to its short-term holder (STH) cost basis. This metric shows the average acquisition price of BTC bought by recent investors. As of May 6, this value stood at $93,340. Bitcoin’s price at press time was $94,236, slightly above the STH cost basis. According to the report, this level historically acts as a dividing line between bullish and bearish phases. If Bitcoin stays above the short-term holder cost basis, it could support the ongoing market strength. A fall below may suggest a shift in short-term sentiment. However, the report focused on current technical levels without offering forecasts. Bitcoin Price Still Below All-Time High As of May 6, 2025, Bitcoin trades near $94,452 on the 4-hour chart, still 13.4% below its all-time high near $109,000. Despite the strong rebound in late April, the price has struggled to break past the $96,000 resistance level. The 50-period Exponential Moving Average (EMA) sits slightly above the current price at $94,735, acting as immediate resistance. Meanwhile, the Relative Strength Index (RSI) holds near 45, showing weak momentum after bouncing from oversold levels. Volume remains low, confirming the consolidation phase. Bitcoin continues to hover just below the short-term moving average, with buyers yet to push for a decisive breakout.
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