It's too early to rejoice: BTC must exceed this level!

Bitfinex analysts argued that the Bitcoin (BTC) price should rise above $65,200, the highest level of August.

Rally sounds are rising in the crypto market, which has been on the rise with the interest rate cut of the US Fed. Crypto commentators claim that the BTC price will continue to rise.

Drawing attention to the fact that investors are acting out of fear of missing out on the increases, Bitfinex analysts warned about potential price volatility.

Analysts argued that the outlook is still in the direction of a bear market and that the $65,200 level must be exceeded for the cycle to change.

Bitfinex analysts stated that the buying pressure in the crypto market has weakened and that this situation indicates short-term consolidation.

BTC has increased by 16 percent since the beginning of September. The change in price did not satisfy Bitfinex analysts. According to analysts, the increases are not enough to rejoice.

Underlining the $65,200 level, analysts said: “The BTC price is about to touch the $65,200 peak on August 25. The reason why this level is important is that BTC has not managed to break a single high since reaching its all-time high. This data fits the technical definition of a downtrend.”

As can be seen in the chart, the price of $BTC is falling along with lower highs. Analysts predict that the downtrend in question will end when the last peak of $65,200 is broken.

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