According to Bitfinex Alpha's analysis report, Bitcoin underwent a significant correction last week, falling more than 11% from its late-September high of $66,587 to a low of $58,943 on October 10, due to heavy spot selling. However, the selling pressure has since eased and BTC has recovered quickly.

On-chain indicators highlight the importance of the actual price of short-term Bitcoin holders (currently around $63,000) as a key resistance level, with a breakout likely signaling further bullish momentum, while a failure to break above this level could lead to a retest of lower support levels, potentially around $59,000 or even $55,000.

The report also suggests that the market remains passive and the future direction may depend on whether BTC can decisively overcome the real price of short-term holders. Until then, traders should expect potential corrections but also prepare for a stronger recovery from lower levels, as the market is inherently resilient.

Additionally, due to procedural delays, the Mt. Gox trustee extended the deadline for repaying creditors to October 31, 2025, which has eased market concerns about a possible BTC sell-off, as many feared that creditors might liquidate some of the 44,900 BTC that would be distributed, which could put pressure on BTC prices.