Bitcoin (CRYPTO: BTC) reached a new local high of $64,200 on Sep. 20, but analysts caution it must surpass the August high of $65,200, a level that has proved challenging since the all-time high of $73,666 in March.
What Happened: Until Bitcoin breaks this crucial resistance, the asset remains in a long-term downtrend, according to Bitfinex analysts.
In a report sent to Benzinga, the analysts highlighted that recent gains have been largely driven by perpetual and futures markets rather than spot market activity, which has notably slowed.
Spot Cumulative Volume Delta—a key indicator of spot buying—has flattened, particularly once Bitcoin’s price moved past $63,500.
This is a potential red flag for those looking for sustained upward momentum.
The Bitfinex team advocates for caution in the near term, stating, …
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