Bitfinex Analysts See Bull Market Hinges on Continued Buying Above $85K

Bitcoin's recent price action has sparked interest among analysts at Bitfinex. Despite reaching a high of $87,392, the cryptocurrency has retreated to its highest buyer cost range since January - $85,000 to $86,500.

The analysts argue that continued ETF and corporate purchases are needed to confirm a new bull market. In this range, around 633,000 BTC last changed hands, creating the largest cost range in Bitfinex's price distribution data.

According to Bitfinex, U.S. spot Bitcoin ETFs drew $1.71 billion across September 21 and 22. This influx of capital has helped maintain a steady supply concentration between $80,500 and $82,500.