Bitcoin’s Support Looks Fragile Amid Weak Demand, Says Bitfinex Alpha

The world’s largest crypto by market capitalization has failed to stay within its consolidation range between $106,000 $116,000 as buying power wanes, according to Bitfinex ￰0￱ price movement is demonstrating little conviction from the bulls, leading to a decline in investor confidence and ￰1￱ crypto asset briefly climbed to $116,000 last week, offering a temporary relief to traders. However, long-term holders began selling, but big institutions did not step in to buy, leading to a decline in ￰2￱ Turn Cautious Amid Shrinking Price Moves The platform noted that in the option market, price movements are getting ￰3￱ suggests that traders are becoming uncertain about the direction of the leading crypto asset and are opting to remain cautious following the big sell-off on October ￰4￱ uncertain development has slowed due to the overall economic ￰5￱ to the update, the recent Federal Open Market Committee (FOMC) presented unclear signals about growth and ￰6￱ signals made investors less willing to take ￰7￱ staying above the $106,000 support level, signs indicate that the market is ￰8￱ from on-chain analytics revealed that long-term investors are selling roughly 104,000 BTC each ￰9￱ means that many traders are taking profits instead of holding.

Meanwhile, short-term traders are losing confidence as their profits shrink, and new buyers are about to enter the ￰10￱ Price Risks Drop Toward $100K Zone Without a renewed flow from ETFs, the price of BTC is likely to stay stuck in the same range and could decline even further as it did on ￰11￱ the time of writing, the digital asset is trading below $104,000, according to data from ￰12￱ BTC falls below that area, the asset could slide towards $100,000. However, if it moves up above $116,000 with strong trading activity, it may be the first sign of a real recovery as November knocks.