Bitfinex diagnosed that while Bitcoin's on-chain indicators are sending the most positive signals since early February, breaking new highs will not be easy considering the fundamental selling pressure and derivative positions. According to CoinDesk, Bitfinex explained, "While 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 loss amount drops to around $200 million," adding, "Outflows from BTC spot ETFs and the Fed's hawkish policy stance are creating a macroscopic upper limit. Breaking new highs will be difficult without major geopolitical changes."
