PANews October 12 news: Bitfinex Alpha released its latest report stating that whether Bitcoin can break through $84,500 this week depends crucially on whether U.S. CPI data alleviates interest rate pressure and whether spot buying can strengthen.
The report shows that BTC previously fell from its October 2 high of $87,197 to $80,347, and then reclaimed the key support level of $81,300. On October 8, approximately $1.18 billion in leveraged positions were liquidated in the market, with leverage levels declining noticeably, and subsequent price action will depend more on spot demand.
Bitfinex pointed out that the current average cost for Bitcoin ETF investors is approximately $84,340, which may become a short-term rebound resistance level. If core CPI comes in below expectations, driving yields lower, BTC is expected to break through $84,500 and retest $87,722; if it falls below $81,300, it may further decline to around $77,400.