Bitfinex: Bitcoin Breaks Below Range Bottom, Sustained Buying Needed to Reclaim $77,100

PANews, September 16 - According to a Bitfinex report, Bitcoin, which had traded in a $77,100-$81,300 range for 24 days since August 21, broke lower ahead of the Federal Reserve decision, closing Tuesday at $75,702, down 3.2%. The report stated that this decline activates a pullback scenario, with price potentially retesting $73,500, and only a reclaim of $77,100 on significant spot volume would invalidate it.

The report showed that US spot Bitcoin ETFs saw net outflows of $450.4 million on Tuesday, marking the 33rd largest single-day outflow on record. Exchange inflows of tokens aged under 155 days rose from approximately 19,400 BTC to 33,100 BTC, with 23,200 BTC deposited at a loss, marking the largest loss-making deposit in a month. Strategy did not buy BTC for a second consecutive week, with its 845,050 BTC held at an average cost of $75,412. The report noted that corporate treasuries and US ETF breakeven points are near $80,500 and $86,000 respectively, neither representing natural buyers at $76,000. The market has largely priced in rate hike expectations, and the failure of the Clarity Act vote has also been absorbed, so any subsequent surprise is more likely to be positive than negative.