Bitfinex analysts see Bitcoin’s nearly 10% decline over the past week as a “healthy realignment.” The Oct. 6 report said Bitcoin’s drop to the $60,000 support level and other technical factors suggest volatility will ease in the coming days and weeks.

Bitcoin rose to $66,600 on Sept. 27, but market optimism quickly faded due to geopolitical tensions in the Middle East and concerns about the U.S. economy. The decline points to a cautious sentiment among spot investors.

Bitfinex suggested that buyers could continue to accumulate Bitcoin at lower prices. It noted that the market is largely focused on catching the upside.

It’s too early to draw definitive conclusions about future market direction, analysts said, adding that positions in the early week trading sessions, especially in the U.S., could provide clues.

What do you think will be Bitcoin’s short-term direction? Share your thoughts in the comments.