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

On October 16th, as reported by Cointelegraph, on Thursday Bitcoin kept exerting pressure on the crucial support level. Meanwhile, signs of renewed buyer interest began to emerge. Investors purchased Bitcoin at around $110,000 when it dipped. As BTC dropped below $110,000, the order book liquidity on both sides of the price became a point of focus, with the current local low and the $112,300 resistance level being of great significance. Trader and analyst Rekt Capital pointed out that BTC has now filled the "gap" in the CME Bitcoin futures market. When referring to the Relative Strength Index (RSI), Rekt Capital noted a bullish divergence in the price, which might suggest a future upward trend. Crypto analyst Ted Pillows, based on his analysis of market sentiment, believes that the Bitcoin price may be establishing a local support bottom. The on-chain analysis platform Glassnode stated that entities holding 1 to 1,000 BTC are showing a "strong accumulation" signal. Even whales that have sold a large amount of Bitcoin to the market in recent weeks are slowing down their selling. Glassnode pointed out that this "shows that despite the recent turmoil, market confidence is recovering."