During the intensifying Israel-Iran dispute, Bitcoin‘s (BTC) value experienced significant fluctuations. The price dipped as low as $61,500 during the weekend. However, Bitcoin has since partially rebounded and is currently trading 1.5% higher at $65,342.71. Its market capitalization now stands at a substantial $1.3 trillion.
Key Levels to Watch for Bitcoin Price
Bitcoin expert Willy Woo shared his analysis on the present market situation, revealing that the crucial support point lies at $58,900. If this level is broken, it may be an indication that the market is shifting towards a bearish trend.
The selloff of the Cumulative Value Delta (CVD), which reflects market orders representing eager buying and selling activity, might have peaked, signaling an imminent uptrend. Nevertheless, Woo reminds us to exercise caution, as a full-fledged bullish market condition may still be several weeks in the making.
Here’s how the markets look to me.
$58.9k STH support, if this breaks we move to a bear market.
CVD selloff has peaked, so a phase of “up” next. CVD measures market orders (impatient buy/sells).
Longer term: still weeks away from a proper bullish environment.
— Willy Woo (@woonomic) April 15, 2024
According to Woo’s assessment, the market’s fundamental structure has remained the same since his previous evaluation in March. This means that prices have been moving sideways during that time, and there have been frequent price swings in April. Moreover, an upcoming halving event scheduled for next week may lead to increased market instability due to heightened investor activity.
In a more expansive view, Woo pointed out the possibility of two rising peaks on the larger-scale indicator. Even with widespread pessimism, he revealed making buys during the support level retest, sticking to his plan. This action underscores his confidence in the market situation.
BTC Short Liquidations to $71-$75K
Bitcoin expert Willy Woo analyzed current market conditions, pointing out that long leverage has dropped significantly to around $60,000. He mentioned that for prices to fall even further, they would have to break the strong support at $59,000, which could signal a bearish trend. However, Woo proposed that short liquidations between $71,000 and $75,000 are more probable in the immediate future, as price fluctuations tend to be driven by these events.
Based on his analysis of demand and supply levels, as well as other key indicators, Woo is optimistic that the current accumulation stage in Bitcoin’s market will eventually lead to it surpassing its previous all-time high. He stressed the necessity of remaining patient and avoiding hasty decisions.
Woo emphasized the importance of holding onto coins near all-time highs (ATH) for an extended period. This process helps investors exchange coins with one another, leading to improved price determination. He considered Bitcoin’s transformation into a potential trillion-dollar asset class as a noteworthy advancement, underscoring its lasting importance in the financial sphere.
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2024-04-15 09:20