Analysis: Investors are "Buy the Dips" Bitcoin around $110,000.

On October 16, according to Cointelegraph, Bitcoin continues to pressure the key support level on Thursday, while signs of buyer interest are showing signs of recovery. Investors are “Buy the Dips” around 110,000 USD for Bitcoin. BTC fell below 110,000 USD, and the liquidity of open orders on both sides of the price has become the focus of attention, with the local low points and the resistance level of 112,300 USD being key points. Trader and analyst Rekt Capital pointed out that BTC has now filled the “gap” in the CME Bitcoin futures market. When discussing the Relative Strength Index (RSI), Rekt Capital noted the bullish divergence that has appeared in the price, which could indicate a future upward trend. Crypto analyst Ted Pillows believes that Bitcoin’s price may be establishing a local support bottom based on market sentiment. On-chain analysis platform Glassnode indicates that entities holding 1 to 1,000 BTC are showing “strong accumulation” signals. Even the Whales that have distributed a large amount of Bitcoin to the market in recent weeks are slowing down their selling pace. Glassnode stated that this “shows that despite the recent turmoil, market confidence is recovering.”

BTC-2.17%
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