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. Continue Reading: Bitfinex Analysts Explain: "Bitcoin (BTC) Poised for a Strong Uptrend! It Just Takes a Little Time to Break This Level!"
