Odaily Planet Daily reports that Bitfinex has released its latest Alpha Report, which states that Bitcoin has decisively broken through its local range support level of $115,800, hitting a low of $112,210, after multiple retests over the past three weeks. This decline coincides with a general de-risking trend across the cryptocurrency space, particularly in altcoins, where leverage has been increasing significantly.

Structurally, BTC remains relatively strong, with a market capitalization exceeding $2.2 trillion, double its 2021 cycle peak, while ETH and altcoins remain below their prior highs. This divergence highlights BTC's growing role as a macro-resilient, institutionally driven asset, in stark contrast to the speculative fragility of the broader market. With cooling ETF flows, a hawkish Fed policy turn, and waning risk appetite, we expect the market to consolidate or decline further unless aggressive spot buying emerges. While a technical rebound from the $112,000 region is likely, a broader recovery may depend on renewed demand from institutional flows or a clear macro catalyst.