Bitfinex has assessed that while Bitcoin's on-chain indicators are sending the most positive signals since early February, breaking new all-time highs will be difficult given the underlying selling pressure and derivatives positions. According to CoinDesk, Bitfinex explained, "Although Bitcoin's on-chain indicators are improving, the average daily loss is still around $479 million. We cannot say that the on-chain has recovered until the losses drop to around $200 million," adding, "Outflows from spot BTC ETFs and the Fed's hawkish policy stance are creating a macroeconomic ceiling. Without significant geopolitical changes, breaking new highs will be difficult."
