bullish

Bitcoin

Bitcoin’s recent sharp decline due to intense spot sales has caused BTC to lose over 11% of its value, falling from its high of $66,587 in late September to $58,943 on October 10, according to the latest analysis by cryptocurrency exchange Bitfinex’s research arm Alpha.
Despite this significant drop, selling pressure has eased and Bitcoin has recovered. On-chain indicators suggest that the realized price is a critical level for short-term holders, currently around $63,000. The report notes that holding this level could signal further bullish momentum, while failure to do so could lead to a retest of lower support levels, potentially around $59,000 or even $55,000.
Related News: <a href="https://en.bitcoinsistemi.com/hot-statements-from-fed-member-waller-talked-about-interest-rate-cut/" target="_blank" rel="noopener noreferrer nofollow">Hot Statements from FED Member Waller! Talked About Interest Rate Cut</a>
The report also notes that the market is in a passive state and future trends largely depend on Bitcoin’s ability to decisively outperform the price realized by short-term holders. Until that happens, traders should be prepared for potential pullbacks, but also stronger recoveries from lower levels as the market shows signs of resilience.
Bitfinex Alpha also reminded that due to procedural delays, the repayment deadline for Mt. Gox creditors has been extended to October 31, 2025. This development has eased market concerns about a potential sell-off, as some creditors feared they could liquidate some of the 44,900 BTC to be distributed. The extension provided a reprieve for the market, easing immediate concerns about pressure on Bitcoin prices.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/exchange-analysts-share-what-they-expect-next-for-bitcoin-price/" rel="noopener noreferrer nofollow">Exchange Analysts Share What They Expect Next for Bitcoin Price</a>

Exchange Analysts Share What They Expect Next for Bitcoin Price

Bitcoin Sistemi EN

Other articles published on Oct 15, 2024

Phlomis Finance to Offer Real-World Assets on Chromia Mainnet (15 Oct)

Crypto VC-Linked Entity Loses $36M to Phishing Attack - Report

Trump’s DeFi Project Sees Huge Interests Amid Token Launch Week

Top 6 Meme Coins to Buy Before December, According to Experts

BOME Token Shows Signs of Recovery and Gains Popularity

Monochrome Asset Management to Launch Australia’s First Ethereum Spot ETF (IETH) on Cboe

Join our free newsletter for daily crypto updates!