The latest Bitfinex Alpha report pointed out that new purchasing power has recently entered the encryption market, and spot buying is a typical feature of the early bull market or the late bear market.
Although, Bitfinex analysts urge caution, they recommend waiting for confirmation that the breakout from the 273-day range will prove sustained.
Additionally, Bitfinex analysts analyzed order flow and on-chain data, concluding that Bitcoin’s recent price gains can be attributed to spot buying by investors and traders large and small.
Finally, Bitfinex analysts commented that the recent surge in BTC prices is a hopeful sign for the cryptocurrency market.