As a seasoned crypto investor with a keen interest in on-chain data and market sentiment, I find Willy Woo’s analysis encouraging. The easing selling pressure, as indicated by falling Cumulative Volume Delta (CVD) data, could potentially lead to price increases and prevent further sell-offs. However, Bitcoin must remain above the $60,000 round number for the uptrend to sustain. Any losses below this level might trigger a bear regime.
Bitcoin enthusiasts might be gearing up for a comeback based on recent market indications. According to Willy Woo, a prominent on-chain analyst, data suggests that the urgent selling pressure that drove Bitcoin down from its record highs is starting to abate. This trend could potentially lead to price stabilization and prevent any further significant declines.
Bitcoin Selling Pressure Easing
This preview stems from a decline in Cumulative Volume Delta (CVD), a on-chain metric reflecting market sentiment. By monitoring buying and selling intensity among market players, CVD provides insights into market trends. With CVD decreasing now, Woo posits that an increasing number of Bitcoin holders are prepared to endure market volatility. Their resolve could potentially bolster prices.
According to Woo’s perspective, Bitcoin needs to withstand selling pressure and recover from its recent short-term weakness for the market to continue its upward trend. Based on on-chain data, the cryptocurrency should maintain a price above $59,600. Historically, the CVD (Cost Basis Distribution) indicator has distinguished between bullish and bearish territories.
According to current trends, Bitcoin is expected to maintain its value above the $60,000 mark for the bullish trend to continue. Conversely, if the bears gain control and cause the price to fall significantly below this level, it could be an indication of a potential new bear market.
From my research perspective, Bitcoin (BTC) has been experiencing significant selling pressure recently, leading to a decline of nearly 15% from its all-time highs. At present, the coin hovers around the $60,000 and $61,000 support levels, confined within this range. Conversely, the resistance lies at approximately $74,000 on the higher end of the spectrum.
As a crypto investor, I would interpret the preview’s analysis by Woo this way: Any losses I incur on Bitcoin (BTC) below the $60,000 mark could potentially trigger a significant sell-off. In the short term, BTC might dip down to around $53,000, causing stop losses to be triggered and accelerating the selling pressure.
Will Hong Kong Spot ETF Launch Lift Prices?
The return of Bitcoin bulls hinges significantly on the level of institutional investment in the near future. After the green light was given to Bitcoin spot ETFs in early January, prices surged, reaching new peak levels.
The role of institutions has been significant. Nevertheless, there’s been a noticeable decrease in inflows, particularly over the past two weeks of April. The financial community is currently focusing on the anticipated launch of Bitcoin spot ETFs in Hong Kong on April 30.
In a recent interview, Zhu Haokang, the Digital Asset Management Head in Hong Kong, expressed optimism about the future. Haokang anticipates trading volumes to surpass those recorded in the US markets. The innovative product, he noted, offers a physical subscription that is particularly enticing for Bitcoin miners due to its uniqueness. Furthermore, the global reach of this offering has piqued the interest of investors based in Singapore and the Middle East.
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2024-04-30 01:16