Bitcoin Needs to Top $65.2K to Break Downtrend
Analysts at Bitfinex highlight the importance of Bitcoin surpassing the August high of $65,200 to invalidate a bearish pattern. Although Bitcoin has risen 16% from lows under $54,000, a confirmed bullish trend requires breaking $65,200. Factors like a Fed rate cut and China's stimulus support this move, yet caution is advised due to a slowdown in spot market buying indicating possible consolidation. A new trading range may form near current prices until substantial market activity resumes.