Analyst and co-founder of CMCC Crest, Willy Woo, recently made a prediction regarding the cryptocurrency market. According to Woo, if the price of Bitcoin (BTC) falls below the support level of short-term holders at $58,900, the market risks entering a bearish phase. Here’s a breakdown of the current market trends as per Willy Woo:

– $58.9k STH support is crucial, as breaking this level could signal a bear market.
– The sell-off on the cumulative volume delta (CVD) has peaked, indicating an upcoming boost phase.
– Despite the current market conditions, a proper bullish environment is still weeks away.
– Large liquidations of short positions are expected in the $71,000 to $75,000 range.

Another expert, MN Trading founder Michael van de Poppe, also observed similar dynamics for Bitcoin. He noted that the asset has been consolidating within the range of $61,000 to $71,000. Despite a recent dip below $61,000 due to external factors, Bitcoin quickly recovered to levels above $64,000 with a total liquidation volume of $955 million on that day.

These insights suggest that Bitcoin’s price movement is currently influenced by various factors, including market sentiment and external events. Stay informed about the latest developments in the cryptocurrency market to make well-informed investment decisions.

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