"Bitcoin stops decline…Preparing to rebound in Q4"

Son Min

Summary

"Bitcoin" reportedly stopped a three-week downtrend and recovered a key support level.
On-chain indicators detected clear buying pressure around 108,000 dollars.
It said that if a move above the 110,000–116,000 dollars range appears, the bullish outlook will be strengthened.

An analysis said Bitcoin (BTC) has completed preparations to rebound in the upcoming fourth quarter.

On the 15th (local time), Bitfinex Alpha said in a report, "Bitcoin stopped a three-week decline and recovered the key support level of 112,500 dollars," and added, "A rebound at the bottom of the gap shows that preparations for entering a Q4 bull market are complete."

On-chain indicators are also sending positive signals. The report said, "Cost-basis distribution heatmap analysis detected clear buying pressure around 108,000 dollars," and "new buying pressure is concentrated in the 110,000–116,000 dollars range, and if a move above this range appears, the bullish outlook will be strengthened."

BTC