Bitfinex said Bitcoin could face a much lighter supply overhang if it breaks above $86,000, with only about 23% price room left before reaching $125,000. The exchange said more than 1 million BTC are currently clustered between $84,000 and $86,000, making that range a key near-term resistance zone. At the same time, spot Bitcoin ETFs have recorded about $2.98 billion in cumulative net inflows over the past seven trading days, which Bitfinex said the market is gradually absorbing as it works through existing sell-side pressure. According to the firm, a close above $87,400, combined with continued ETF inflows, would suggest buyers are successfully taking in the current overhead supply. In that case, the supply wall above the market could start to weaken.
Bitfinex said on Sept. 27 that if Bitcoin breaks above $86,000, market supply overhead would drop sharply, leaving only about 23% price room before $125,000.
The exchange said more than 1 million BTC are currently concentrated in the $84,000 to $86,000 range, making it a key short-term resistance area.
At the same time, spot Bitcoin ETFs posted about $2.98 billion in cumulative net inflows over the past seven trading days, and the market is gradually absorbing that supply pressure, according to Bitfinex.
The firm added that if BTC closes above $87,400 and ETF inflows continue, it would indicate buyers are successfully taking in the current sell pressure, which could also weaken the supply wall above.
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