Bitfinex: Bitcoin forms a new resistance level near $116,000, which may be difficult to change before regaining upward momentum

Bitfinex analysts say Bitcoin has formed new resistance near $116,000, a level that may remain stagnant until it regains upward momentum. However, two potential catalysts could boost its price. A report from Tuesday showed that BTC is trading at the upper limit of the $116,000 range, which remains a barrier until it reclaims the upper limit. Since reaching a new high of $124,100 on August 14, Bitcoin's upward momentum has weakened, with the price falling below the recent high buyer entry cost.