TechFlow, November 17 — The Bitfinex Alpha report indicates that Bitcoin has recorded the third-largest decline in this cycle, dropping 25% from its all-time high and falling below $94,000. Downward momentum remains strong on shorter timeframes; however, the pace of selling and the scale of actual investor losses have begun to stabilize, suggesting the market may be entering a consolidation phase rather than experiencing continuous steep declines. Currently, Bitcoin's trading price remains significantly below the short-term holder (STH) cost basis of $111,900, and downside risks persist until it recovers above this level.
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