Critical Reports for Bitcoin (BTC) from Wintermute and Bitfinex! “Breaking Above This Level is Essential for an Uptrend!”
Bitcoin, after falling below $76,000 due to uncertainty surrounding the US midterm elections, has recovered its losses and climbed back above $78,000.
With uncertainty surrounding $BTC continuing, Bitfinex analysts suggest Bitcoin may remain stuck between $77,000 and $80,000 in the short term. Due to weak spot demand, any upward moves towards $81,300 could face selling pressure.
Bitfinex emphasized that the buying currently seen in the $77,000-$80,000 range is not aggressive, noting that the $81,300 level represents the next significant resistance where investors wishing to exit their positions may limit further gains.
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At this point, analysts have warned that Bitcoin’s recovery could stall unless there is sustained and aggressive buying in the spot market.
Critical Level for Bitcoin Announced: $80,000!
As assessments continue regarding Bitcoin’s short-term outlook in the cryptocurrency market, Wintermute, one of the leading market makers, has also offered its assessment.
Wintermute’s report stated that the most critical level for Bitcoin is $80,000. Analysts noted that $BTC’s return above and retention of this level is crucial for improving the market outlook.
The report also indicated that the approximately $76,800 level, corresponding to Bitcoin’s 50-week moving average, is a significant support level. At this point, the next place Bitcoin needs to hold is shown as the $76,800 level.
Wintermute stated that the short-term cautious stance could change if the $80,000 level is regained through spot dollar purchases and ETF inflows. Conversely, he warned that a loss of $76,800 could increase the downside risks.
*This is not investment advice.
