Bitfinex: Bitcoin shows strong rebound before recovery

ChainCatcher message, Bitfinex pointed out in its analysis report that Bitcoin experienced the largest pullback of this cycle before its recovery. Last week, Bitcoin saw a strong rebound, which allowed BTC to regain the key level of $60,000.

Previously in August, BTC underwent a significant sell-off, with the price dropping 33.32% from the cycle high and all-time high of $73,666. This is the largest decline of this cycle. On-chain indicators also highlighted the intensity of the sell-off. The short-term holder realized price (STH cost basis) reflects the average purchase price of recent buyers, currently at $64,860.