Bitcoin Selling Pressure Eases, Analysts Expect Consolidation Ahead
- Bitcoin (BTC) prices have fluctuated between $60,000 and $70,000 for the past three weeks.
- Analyst Willy Woo noted that selling pressure appears to be exhausted, suggesting a potential sideways consolidation for about a month.
- If macroeconomic conditions worsen, support levels could fall to $30,000 and $16,000.
- Analysts expect prolonged consolidation within the $60,000 to $70,000 range unless significant ETF inflows occur.
- The Bitcoin Flow Model indicates that aggressive selling pressure is diminishing.
Recent analysis suggests that Bitcoin’s selling pressure has peaked, with expectations of continued consolidation in the near term. Analysts emphasize that without favorable macroeconomic shifts or sustained ETF inflows, Bitcoin may remain range-bound for several months.
As of now, Bitcoin is stabilizing around the $60,000 to $70,000 range while analysts anticipate further sideways movement unless significant changes occur in market conditions or liquidity sources.(Source)
