Bitcoin Encounters Strong Resistance Around $116K, Say Bitfinex Analysts
TL;DR
- Bitcoin is facing a critical resistance level at $116,000, according to Bitfinex analysts, who believe the price will need stronger momentum to break higher.
- The Federal Reserve’s upcoming interest rate decision has left analysts divided on how Bitcoin may react, with some expecting a rally and others warning of a pullback.
- Despite short-term uncertainty, historical performance in Q4 and strong long-term holder conviction could provide a bullish backdrop.
Bitcoin is currently trading near $116,300, struggling to push past a resistance zone that has proven difficult to overcome since its all-time high of $124,100 on August 14. Bitfinex analysts explained in their latest market note that the cryptocurrency remains at the…
