Bitfinex: Bitcoin forms new resistance around $116,000, may struggle to change before regaining upward momentum

ChainCatcher news, according to Cointelegraph, Bitcoin has formed a new resistance level around $116,000, and it may be difficult to change this before regaining upward momentum. However, two potential catalysts could boost its price.

A report on Tuesday showed that BTC is trading at the upper limit of the $116,000 range, which still constitutes resistance before recovering. Since reaching a new high of $124,100 on August 14, Bitcoin's upward momentum has weakened, and the price has fallen below the entry cost of recent buyers at the highs. Over the past seven days, Bitcoin has seen a slight rebound, coinciding with the Federal Reserve's announcement of its interest rate decision on Wednesday, where the market expects a 96.1% chance of a 25 basis point rate cut, but opinions on Bitcoin's movement post-rate cut vary.

While a rate cut by the Federal Reserve is favorable for risk assets, if the market has already priced in expectations, the price may still decline. Additionally, the market is paying attention to October 1, which marks the beginning of the fourth quarter of 2025, a period that has historically been the best-performing quarter for Bitcoin. Meanwhile, analysts say that long-term holders remain confident, and recent selling has mainly been driven by buyers from the past six months, with investors who accumulated from February to May taking profits during the rebound, creating resistance for upward momentum.