Bitfinex Alpha: BTC selling pressure eases, but the market remains passive

Bitfinex Alpha pointed out that last week, Bitcoin fell sharply, driven by a large amount of spot selling, falling more than 11% from a high of $66,587 at the end of September to a low of $58,943 on October 10. However, the selling pressure has eased and BTC has rebounded quickly. On-chain indicators highlight the importance of the actual price of Bitcoin short-term holders (currently close to $63,000) as a key resistance level. Breaking through this level may indicate further bullish momentum, while failure to break through this level may lead to a retest of lower support levels, possibly close to $59,000 or even $55,000. However, the market is still in a passive state, and future trends may depend on whether Bitcoin can decisively surpass the realized price of short-term holders. Before then, traders should expect potential pullbacks, but also be prepared for stronger rebounds from lower levels because the market is potentially resilient.