Title: Selling Pressure Eases, Market Sensitive to Bitcoin’s Price Levels
Posted at 15:24h
in Bitfinex Alpha
Last week, Bitcoin plummeted over 11% to $58,943 due to strong selling pressure, but it quickly rebounded to $64,500 as buying pressure returned. The majority of the selling activity came from Coinbase. On-chain indicators reveal that the actual price level from short-term Bitcoin holders (currently at $63,000) is an important resistance level. If Bitcoin can surpass this level, it could signal further upside; otherwise, it may retest lower support levels near $59,000 or $55,000. The market remains cautious, and traders should anticipate a correction but also be prepared for a stronger bounce from lower levels.
Latest economic data shows that inflation is cooling, with the Consumer Price Index rising only 0.2% in September, marking the slowest annual increase in over three years. Producer inflation remained stable in September, alleviating inflationary pressures. However, businesses are still cautious due to high interest rates and slower inventory growth.
In the cryptocurrency industry, recent developments include the Korea Financial Services Commission considering a ban on spot crypto ETFs and institutional crypto accounts, while Canary Capital filed an application to establish a spot XRP ETF for traditional brokerage users. The trustee of Mt. Gox has also extended debt repayment to creditors until October 31, 2025, due to procedural delays.
That’s all for Alpha 126. Wishing you a “green” trading week! Follow the Bitfinex Vietnam community on Telegram, Twitter, and Facebook for updates and information.
