While the leading cryptocurrency Bitcoin (BTC) last broke through $124,000 in mid-August, it has been on a downward trend ever since.
However, it was stated that the decline period for BTC is over.
At this point, Bitfinex’s weekly report stated that Bitcoin stopped the 3-week decline and was preparing for recovery in the 4th quarter.
Bitcoin halted its three-week decline and reclaimed the $112,500 support level, according to the Bitfinex Alpha weekly report.
Bitfinex analysts noted that the breakout of the critical $112,500 support level paves the way for BTC’s potential upward momentum in the fourth quarter.
At this point, analysts added that a clear and decisive break above $116,000 would strengthen the bullish outlook.
“Bitcoin defended the $107,500 lows.
This recovery from the bottom indicates a significant structural recovery, setting the stage for stabilization by the end of September and a potentially stronger rally in the fourth quarter.
Bitcoin Consolidation Continues for Now!
Analysts noted that on-chain data also supports the recovery and possible rise, noting that a clear move above $116,000 would confirm and strengthen the renewed upward momentum.
Analysts recently stated that Bitcoin will remain in consolidation until the 4-quarter rise begins.
Bitcoin closed the week up 4.2%, snapping a 3-week decline and reclaiming $112.5K.
Buyers stepped in hard around $108,000, with the $110,000-$116,000 range now the key competitive area.
A clear breakout above $116,000 would confirm the bullish momentum. Until then, the base case is consolidation.
*This is not investment advice.