Bitfinex Alpha: BTC selling pressure has eased, but the market remains in a passive state

Odaily Planet Daily News: Bitfinex Alpha reported that Bitcoin experienced a significant pullback last week, with a drop of over 11% from its high of $66587 at the end of September to its low of $58943 on October 10th, driven by a massive sell-off in spot trading. However, the selling pressure has eased to some extent, and BTC has quickly rebounded. On chain indicators highlight the importance of the actual price of Bitcoin short-term holders (currently close to $63000) as a key resistance level. Breaking through this level may indicate further bullish momentum, while failure to break through this level may lead to retesting lower support levels, possibly close to $59000 or even $55000. However, the market is still in a passive state, and future trends may depend on whether Bitcoin can decisively surpass the realization price of short-term holders. Prior to this, traders should anticipate a potential pullback, but also be prepared for a stronger rebound from lower levels, as the market has potential resilience.