Bitcoin Faces Key Resistance at $65,200 Despite Strong Performance: Bitfinex Report

COINOTAG reported on September 23 that Bitfinex disclosed a report stating, “Despite Bitcoin’s robust performance, it has not yet surpassed the significant threshold of $65,200 on August 25. This is crucial as failure to exceed this level confirms a pattern observed since the all-time high of $73,666 in March, suggesting Bitcoin has failed to surpass previous highs, resulting in the formation of new local bottoms and sustaining a downward trajectory. On a broader time frame, Bitcoin has been on a decline since March. Moreover, despite recent price upticks, the surge in Bitcoin’s open interest has outstripped the increase in its price, implying that the trend observed last week primarily stemmed from futures and perpetual markets rather than spot markets. Concurrently, several altcoins have soared, with notable tokens doubling from their August and September lows. However, caution is advised as altcoin open interest peaked without a corresponding altcoin market breakout. The OTHERS index, tracking altcoins outside the top 10 by market cap, has declined over the past month. Given that Bitcoin spot market buying has slowed and cumulative spot volume stabilizes at $63,500, we anticipate Bitcoin to remain range-bound in the near term. However, an opposing view is that continuous ETF inflows could elevate Bitcoin prices. Last week, spot Bitcoin ETFs saw new inflows of $397.2 million, hinting at potential Bitcoin appreciation if traditional financial markets like the S&P 500 continue rising. If Bitcoin breaches $68,000, it could push its price to new heights, especially as summer’s low liquidity period concludes. However, without ongoing spot buying, Bitcoin is likely to experience consolidation or a slight pullback.”