Bitfinex: Bitcoin forms new resistance around $116,000, and may be difficult to change before regaining momentum

According to ChainCatcher, according to Cointelegraph, Bitcoin has formed a new resistance level near $116,000, and it may be difficult to change before regaining momentum. However, two potential catalysts may boost their prices. Tuesday's report showed that BTC traded at the $116,000 range cap and still constituted resistance before it recovered. Since hitting a new high of $124,100 on August 14, Bitcoin’s upward momentum has weakened, and the price has fallen below the recent highs of buyers’ cost. Bitcoin has rebounded slightly in the past seven days, coincided with the Fed’s announcement of interest rate decisions on Wednesday. The market expects its 25 basis points rate cut to a 96.1% chance, but the Bitcoin trend has been mixed after the rate cut. Although the Fed's interest rate cut is beneficial to risky assets, prices may still fall if the market has digested expectations. In addition, the market is focusing on October 1, the fourth quarter of 2025, which has historically been the best-performing quarter for Bitcoin. Meanwhile, analysts say long-term holders are still in strong confidence, with recent sell-offs driven mainly by buyers in the past six months, and investors accumulating from February to May have withdrawn from their rebound, bringing resistance to the upward momentum.