Despite reaching a high of $116,000 last week, Bitcoin’s price has shown signs of waning momentum as buying power wanes. Bitfinex Alpha’s analysis highlights the lack of conviction from both bulls and institutional investors, potentially leading to a decline in investor confidence. Traders are becoming cautious with shrinking price movements, suggesting uncertainty about Bitcoin’s future direction. 104,000 BTC worth of long-term holdings have been sold each month, indicating traders are taking profits instead of holding, while short-term traders are facing dwindling profits and lack of new buyers. Bitfinex Alpha concludes that without significant market support from ETFs, the price could stagnate between $106,000-$116,000 with a potential for further decline if below $104,000. However, above $116,000 with robust trading activity may signal a real market recovery in November.