Analysis: Investors "Buy the Dip" on Bitcoin Around $110,000

BlockBeats News, October 16th, according to Cointelegraph, on Thursday Bitcoin continued to pressure the key support level, while signs of renewed buyer interest emerged. Investors "bought the dip" around $110,000 for Bitcoin. As BTC dropped below $110,000, order book liquidity on both sides of the price became a focus, with the current local low and the $112,300 resistance level being key levels.

Trader and analyst Rekt Capital pointed out that BTC has now filled the "gap" in the CME Bitcoin futures market. When discussing the Relative Strength Index (RSI), Rekt Capital noted a bullish divergence in the price, which could indicate a future upward trend. Crypto analyst Ted Pillows, basing his analysis on market sentiment, believes that the Bitcoin price may be establishing a local support bottom.

On-chain analysis platform Glassnode stated that entities holding 1 to 1,000 BTC are showing a "strong accumulation" signal. Even whales who have distributed large amounts of Bitcoin to the market in recent weeks are slowing down their selling. Glassnode stated that this "shows that despite recent turbulence, market confidence is recovering."