Bitfinex Analysts Announce Key Level That Will Determine Bitcoin's (BTC) Next Direction!

Bitcoin (BTC), Ethereum (ETH), and altcoins started the new week with sharp declines ￰0￱ yesterday's sell-off, over $1.7 billion worth of leveraged positions were liquidated. October, historically seen as a bullish month, is expected to be the starting point for a new wave of bullish activity as investors try to digest one of the biggest liquidations of the ￰1￱ predict that a speech by Fed Chair Jerome Powell and Friday's PCE inflation data could guide the cryptocurrency market in October, following the biggest deleveraging event of the year, according to The ￰2￱ this point, Bitfinex analysts stated that following the FED's 25 basis point interest rate cut decision, futures positions were reset and liquidity ￰3￱ said that $115,200 is the key level to defend for BTC to regain its previous ATH and set new records.

Conversely, a daily drop below $115,200 risks a drop to $105,500. BRN analyst Timothy Misir noted that Wall Street has taken a cautious approach following the massive wave of ￰4￱ this point, the analyst, citing ETF data as an example, said that there was a net outflow of $363 million from US spot Bitcoin ETFs and $76 million from Ethereum ETFs yesterday. However, the analyst said that institutions and large investors are active and optimistic about Bitcoin and the market in a broader perspective: “Monday’s decline cleared out the proliferating long positions and left cleaner liquidity in the ￰5￱ is a positive development if larger buyers such as ETFs, treasury bonds, and investors holding 10-10 thousand BTC continue to absorb the supply.” The analyst noted that there have been three major exchange withdrawal waves in the last 48 hours, with wallets with a balance of 10-10 thousand BTC accumulating approximately 56,000 BTC since August 27, and exchange balances falling by approximately 31,000 BTC in four ￰6￱ stated that these data are signals that whales are buying on the decline, while some investors are selling by taking advantage of the rise. *This is not investment ￰7￱ Reading: Bitfinex Analysts Announce Key Level That Will Determine Bitcoin's (BTC) Next Direction!