Bitfinex: The selling pressure on Bitcoin has eased, but the market remains in a passive state

ChainCatcher news, the Bitfinex Alpha analysis report points out that last week Bitcoin experienced a significant pullback, dropping over 11% from the high of $66,587 at the end of September to a low of $58,943 on October 10, driven by heavy selling in the spot market. However, the selling pressure has eased, and BTC has quickly rebounded. On-chain indicators highlight the importance of the actual price of short-term holders (currently close to $63,000) as a key resistance level. A breakthrough of this level may signal further bullish momentum, while failure to break through could lead to a retest of lower support levels, potentially near $59,000 or even $55,000.

However, the market remains in a passive state, and future trends may depend on whether Bitcoin can decisively surpass the realized price of short-term holders. In the meantime, traders should anticipate potential pullbacks but also be prepared for a stronger rebound from lower levels, as the market has potential resilience.

Additionally, due to program delays, the Mt. Gox trustee has extended the repayment deadline for creditors to October 31, 2025. This extension alleviates market concerns about potential selling pressure on Bitcoin, as many worry that creditors might liquidate a portion of the 44,900 BTC soon to be distributed, which could put pressure on Bitcoin prices.