Bitfinex Alpha | Sideways
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Bitcoin remains confined within the $66,000–$70,000 range, consolidating after the February 5 drawdown, currently the deepest of this cycle. Volatility has compressed, and momentum has faded, signalling a transition from a liquidation-driven decline into a more balanced environment. On-chain data shows that much of the recent downside has been absorbed within the $60,000–$69,000 demand band. This cohort of holders, who are now near breakeven, has largely refrained from accelerating distribution, helping stabilise price and contribute to a more sideways moving market.
