Bitfinex analistleri, Bitcoin$BTC
He believes that the nearly 10% drop in price over the past week is part of a “healthy correction” that reduces the risk of a sudden decline in the coming days and weeks.
Bitcoin rose to $66,600 on September 27. However, rising geopolitical tensions in the Middle East and concerns about the strength of the US economy have dampened market optimism. Between September 27 and October 4, Bitcoin fell 9.94% from peak to trough, indicating “cautious sentiment” among spot investors at higher price levels.
For the first time since early August, Bitcoin closed in the red for four consecutive days, suggesting that the market is undergoing a healthy readjustment process. Bitfinex reported that as a result of this decline, Bitcoin open interest decreased from $35 billion to $31.8 billion, reaching a more “stable” level. This is considered a positive signal for those looking to make new investments.
In addition, over $450 million in long positions were liquidated during the decline on October 1, indicating that the market is likely to gain significant upward momentum. The report noted that positive US labor force data in September and October provided significant support for the market. While the Federal Reserve is expected to cut interest rates again in November, risk appetite should return with broader optimism, it said.
Looking forward, it was noted that the recent upward move that sent Bitcoin to $62,650 signaled the return of “spot buying aggression.”
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