Bitfinex: Bitcoin selling pressure eases, market trend remains to be seen

The Bitfinex Alpha analysis report shows that the bitcoin price fell by more than 11% last week from the high of $66,587 at the end of September to the low of $58,943 on October 10, under the influence of the heavy sell-off in the cash market. At present, the selling pressure has eased, and the bitcoin price has quickly rebounded. On-chain indicators show that the actual price of short-term holders (about $63,000) is the key resistance level. If bitcoin can break through this level, it may indicate further bullish momentum; otherwise, it may re-test the lower support level, close to $59,000 or even $55,000. In addition, the Mt. Gox trustee has extended the repayment period of creditors until October 31, 2025, easing the market's concerns about the possibility of a sell-off in bitcoin.