Popular analyst Willy Woo, who is frequently mentioned with his analyzes of Bitcoin and the cryptocurrency market, said in his post from his X account that the $ 58,900 level in Bitcoin is critical.
Pointing out that the $ 58,900 level is a critical support level for BTC, the analyst claimed that the bear market may start again if this support is broken.
Stating that at this point, CVD sales in Bitcoin have reached their peak and the rise phase will begin, the analyst stated that it will still take a few weeks for BTC to reach a suitable rising environment.
Pointing out that Bitcoin will fluctuate in both directions, up and down, in April, he said that volatility will increase and that the Bitcoin halving will be another catalyst of volatility.
Finally, Willy Woo pointed out that long positions up to $60,000 in Bitcoin have been cleared, and stated that the next step for BTC is to clear short positions at $71,000 – $75,000.
“STH support of 58.9 thousand dollars is very important because if this support is broken, we will go into a bear market.
CVD sales have peaked, so the next phase is upside. But looking longer term, we are still weeks away from a favorable bullish environment.
We also reduced the long leverage to 60 thousand dollars.
Next up are short liquidations, most likely up to $71-75k.
It is a short-term price liquidation march.”
Bitcoin continues to trade at $66,540 at the time of writing.
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. pic.twitter.com/NxVwSA4KtT
— Willy Woo (@woonomic) April 15, 2024
*This is not investment advice.
