Bitcoin, which has been moving in the same range for the last 23 days, occasionally falls below $28,000, but manages to rise above this level in a short time.
Investors who were waiting for the price to drop to get on the train in Bitcoin could not get the correction they wanted, while investors who were waiting for an increase were bored with this horizontal trend.
Evaluating the latest data in Bitcoin, popular analyst Willy Woo stated that the price has found its bottom and will continue its sideways and upward movement from now on.
The latest sharing of Woo, who uses some special indicators to interpret the price action in Bitcoin, is as follows:
“The Bitcoin Macro Index has risen above the blue line again. This indicates the start of the accumulation phase again.
This means that the price has bottomed out and smart money continues to accumulate. Price rejects lower lows and creates a low with low volatility. Here the price moves sideways and upwards in a choppy fashion.
Cost-based charts have similar displays. A bottom signal comes when short-term buyers buy Bitcoin at a cheaper price than long-term holders. We are coming out of this period now.
April will be an interesting month to watch. I’m reviewing the liquidity on the boards and there is a huge liquidity gap up to $40,000 from here. Increasing volatility seems certain.
The investor cost-based map looks pretty healthy. Without the FTX bankruptcy, the accumulation at the bottom could have been tighter like previous cycles.
Price stability is forming a top and this could be the start of a big move. (It usually happens within a week.)