Bitcoin (BTC) may be having problems cracking all-time highs but one of its best-known analysts believes its sideways trading is “nearly complete.”
In a series of tweets on March 11, Willy Woo pointed to multiple on-chain factors suggesting that fresh BTC price upside is imminent.
BTC flows to those with “very little” selling history
Bitcoin saw a return to form on Thursday after a dip to $54,400 abruptly reversed, sending BTC/USD to highs of $57,200.
With buyer support in evidence, the pair is nonetheless still to break out of its current wide trading range, bordered by record support at $46,000 and the current all-time highs of $58,300.
For Woo, however, weak hands evaporating and stronger ones stepping in formed the backbone of a bullish take which calls for the end of this consolidatory price phase.
“Strong hands came in to buy this latest dip,” he said, alongside a chart showing BTC flowing to wallets “with very little history of selling.”
“The second major consolidation of the 2021 bull market is nearly complete.”
Data tracking changes in the liquid supply of Bitcoin showed more and more leaving the market during MarchTitle: Bitcoin price in stasis — Analyst says BTC consolidation ‘nearly complete’
Sourced From: cointelegraph.com/news/bitcoin-price-in-stasis-analyst-says-btc-consolidation-nearly-complete
Published Date: Thu, 11 Mar 2021 18:23:34 +0000