Bitcoin’s Rally Above $87,000 Faces Fresh Tests: Bitfinex Alpha

Corporate buying and spot demand support the recovery, while weak momentum and upcoming market risks keep pressure on Bitcoin. Bitcoin (BTC) slipped toward $85,000 on Tuesday after briefly climbing above $87,000, putting its latest recovery under pressure. The move came after a sharp rebound from last week’s low near $75,000, when BTC fell below its September trading range. That recovery followed a period of weakness. According to the latest Bitfinex Alpha report, Bitcoin had spent much of September between roughly $77,100 and $81,300 before breaking lower. The market then reversed sharply, with Bitcoin gaining 5.9% on September 18 as strong buying and ETF inflows pushed prices higher. Spot Buying Supports Rally The rebound carried BTC above the previous range and brought $85,000 into focus as an important level. Bitfinex analysts had identified that price as the first major test for the recovery. Bitcoin later moved toward $87,000 before giving back some of its gains. Spot buying drove much of the move, but several indicators linked to sustained rallies remain weak. Trading volume has yet to show strong follow-through, while open interest remains relatively subdued. Short covering...