**Crypto News Update: Analysts Caution on Bitcoin’s Recent Surge**
In a recent analysis, experts from the cryptocurrency exchange Bitfinex have issued a warning regarding Bitcoin’s (BTC) price movements, suggesting that while an upward trend has been observed, caution is warranted in the near future.
According to Bitfinex analysts, despite the recent uptick in Bitcoin’s value, there are signs that momentum in the spot market is beginning to wane. The initial spike in BTC prices was largely driven by robust buying activity; however, this enthusiasm appears to have subsided.
One critical metric highlighted by the analysts is the spot Cumulative Volume Delta (CVD), which tracks the difference between cumulative buying and selling volumes over time. Recent data indicates that this indicator has flattened out, implying that the buying pressure that fueled the price rise is diminishing.
In their report, the analysts stated, “We anticipate that Bitcoin may either stabilize within a new range at its current levels or undergo a minor correction in the short term.” They believe that the market could enter a phase of consolidation or experience a slight decline in Bitcoin’s price.
At present, Bitcoin has risen nearly 7% over the past week, trading at $63,304.
*Please note that this information should not be construed as investment advice.*
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