Bitfinex: Bitcoin sees strong rally before recovery

Bitfinex pointed out in an analysis report that Bitcoin experienced its largest correction of this cycle before the recovery. Last week, Bitcoin showed a strong rebound, which brought BTC back above the key level of $60,000. In August, BTC experienced a significant sell-off, with prices falling 33.32% from the cycle high and historical 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, which is currently $64,860.