ANALYSIS: Bitcoin Selling Pressure Eases, Market Trend Remains to Be Seen
Bitcoin price fell more than 11% last week from a high of $66,587 at the end of September to a low of $58,943 on Oct. 10 amid a massive sell-off in the spot market, according to Bitfinex Alpha analysis. The selling pressure has now eased and the bitcoin price has rebounded quickly. Indicators on the chain show that the actual price for short-term holders (around $63,000) is a key resistance level. If Bitcoin can break above this level, it could signal further bullish momentum; otherwise, it could retest lower support levels near $59,000 or even $55,000. Additionally, the Mt. Gox trustee has extended the repayment deadline for creditors to October 31, 2025, easing market concerns that Bitcoin could suffer a sell-off.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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