Bitcoin, which failed in its attempts to exceed $ 70,000 and moved around $ 68,000, continues to show bullish signals.
At this point, while many analysts stated that on-chain data gave a bullish signal for BTC, another bullish comment came from the famous analyst Willy Woo.
Stating that Bitcoin has been going through a consolidation phase for about 2.5 months, Willy Woo said that there is a huge upward demand for BTC.
According to Woo, this period of consolidation shows that Bitcoin price has more room to rise before reaching its peak.
Woo also pointed out that the Bitcoin network net capital flow reached its lowest levels during the consolidation phase, but increased steadily throughout May, and stated that this indicates an upward trend.
The analyst argued that increased demand and inflows into Bitcoin ETFs are also positive for the BTC price.
Additionally, Woo noted that there has been a resurgence of Bitcoin bullish demand in the futures markets, especially among retail traders who have demonstrated long-term demand.
Finally, in the consolidation phase, Woo stated that there was a strong BTC whale accumulation and a large number of Bitcoins left the exchanges, and stated that this could put upward pressure on the Bitcoin price.
Willy Woo, who also announced his short-term Bitcoin price target, said that $ 73,000 remains a tough resistance level for BTC.
According to Woo, if Bitcoin can rise above $72,000, BTC will reach the new ATH by rising above $75,000 and there will be a tremendous amount of short liquidation.
73k continues to be formidable resistance.
If price can get above 72k, there’s an immense amount of liquidations to give BTC a short squeezed fast ride to 75k+ to finally break all-time-highs.
IMO it’s only a matter of time before fundamental demand triggers a price squeeze. pic.twitter.com/Vdz7gmOs4O
— Willy Woo (@woonomic) May 28, 2024
*This is not investment advice.
