Gate News bot news, analyst Willy Woo stated that if there is no more buying pressure this week, the Bitcoin market may fall into a long-term consolidation again.
He claimed that the momentum of Bitcoin, which surged from $75,000 on April 7 to just below $112,000 on May 22, is "starting to weaken," and pointed out that "this week is crucial; if we do not have follow-up action, the market will face consolidation again."
Woo stated that in the short term, "later speculators" are going long, while potential profit-taking "is ready to sell," as indicated by the Bitcoin spent output profit ratio (SOPR) (Note: SOPR is an indicator that measures the price paid divided by the price sold).
He said, "This week's spot purchases will have a significant impact on price trends for the next 1-2 months. We are in a key area (pivot zone)."
On the positive side, he noted that risk signals are on a downward trend, and in a broader context, "buyer liquidity is dominant." He stated: "We are preparing for another robust uptrend in the long run."
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Willy Woo: If there is no more buying pressure this week, the market may再次陷入盘整.
Gate News bot news, analyst Willy Woo stated that if there is no more buying pressure this week, the Bitcoin market may fall into a long-term consolidation again.
He claimed that the momentum of Bitcoin, which surged from $75,000 on April 7 to just below $112,000 on May 22, is "starting to weaken," and pointed out that "this week is crucial; if we do not have follow-up action, the market will face consolidation again."
Woo stated that in the short term, "later speculators" are going long, while potential profit-taking "is ready to sell," as indicated by the Bitcoin spent output profit ratio (SOPR) (Note: SOPR is an indicator that measures the price paid divided by the price sold).
He said, "This week's spot purchases will have a significant impact on price trends for the next 1-2 months. We are in a key area (pivot zone)."
On the positive side, he noted that risk signals are on a downward trend, and in a broader context, "buyer liquidity is dominant." He stated: "We are preparing for another robust uptrend in the long run."
Source: Cointelegraph