Analysts from the Bitfinex trading platform have published a report where they pointed out a key factor supporting Bitcoin growth. The first cryptocurrency needs to consolidate above the $65,200 mark to maintain the upward trend, experts believe.

According to Bitfinex estimates, Bitcoin’s September rally was largely driven by derivatives trading activity amid weakening spot market demand for the asset.

“We advocate a cautious approach after the 22% rally in Bitcoin. It is quite possible that the price may form a new range near the current quotes and consolidate for some time, as it was in previous periods. The cryptocurrency needs to overcome the $65,200 mark and consolidate there to continue its growth,” the experts said.

In their opinion, the positive inflow of funds into spot ETFs for Bitcoin that has formed could also serve as a positive factor for the growth of Bitcoin, and the influx of liquidity into exchange-traded products will balance the weak activity of buyers on the spot market.

Earlier, experts from the analytical company 10x Research reported that in October, the first cryptocurrency could demonstrate a new historical maximum due to the presence of two catalysts.