The price of Bitcoin floats almost $ 106,000 after an incredible run that pushed him to new highest tones. According to on-chain analyst Willy Woo, however, we are now at a crucial point that can decide whether the Bitcoin rally will remain strong or whether we have a break.
Let us elaborate on what this could mean for the next step from Bitcoin and why traders should remain alert.
Buyers still have control – but how long?
According to Willy Woo’s update, the good news is that the risk signal is down. This usually points to a strong liquidity to the buy-side in the market, which means that investors generally still want to buy and hold Bitcoin. Woo says that this is the stage for a new solid, long -term run higher.
However, Woo also sees early warning signals. He says that the strength of the rise in Bitcoin from $ 75,000 to $ 112,000 is starting to weaken. Without buying a new wave of, Bitcoin could enter into a new period of lateral trade.
In the meantime, the Bitcoin Risk signal graph also shows that local risk levels are tapping, indicating that some traders take more risk, just as profit capacity may be ready to sell.
- Also read:
- Is Bitcoin catching up that catches up American treasury? Analysis of the shift in the behavior of investors
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$ 106k: “Healthy Paue” for Bitcoin
Nick Forster, founder of the on-chain option platform, which supports the current state of Bitcoin as a “healthy break” after the big run.
He explains that the market needs time to digest recent profits and to prepare for the next phase. Forster noted that this consolidation is a sign of stability, no reason to panic.
He added that this consolidation is a sign of stability, no reason for panic.
Bitcoin ETF is the Impact Prize
In the meantime, Bitcoin ETFs saw record current for two consecutive weeks. But on May 29, a large outflow of $ 346.9 million took place, led by BlackRock with $ 166.3 million, followed by Ark Investment and Fidelity.
This outflow ensured that Bitcoin’s bargain price fell and fell by 2.6% in the last 24 hours, which currently traded at $ 105,390.
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