Analysts at Bitfinex reported that Bitcoin has rallied 16% since testing lows below $54,000, but emphasized that a bullish revival is not yet confirmed. They noted that BTC must surpass the August high of $65,200 to indicate the end of its prolonged downtrend, which has been characterized by lower highs since March. This level is significant as it would mark the first potential break above previous price peaks since the all-time high of $73,666 on March 14. The analysts pointed out that recent developments, such as a Fed rate cut and increased risk appetite in financial markets, could support a move above $65,200. However, they also cautioned about a slowdown in spot market buying, as indicated by a flattening cumulative volume delta, suggesting that BTC may enter a consolidation phase instead of continuing its upward trend. Source: Coindesk
