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Bitcoin Bears Maintain Control, Here’s Why the BTC Price Pump Is Temporary

Willy Woo suggested BTC prices may stay weak for weeks, emphasizing the need to purge excess speculators and calling the reversal technical, not fundamental.
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Bitcoin Bears Maintain Control, Here’s Why the BTC Price Pump Is Temporary

Highlights

  • Crypto analyst Willy Woo said that BTC price bounce to $63,000 is temporary and technical.
  • Woo notes that while recent corrections have cleared some market leverage, speculative trades still abound.
  • Woo predicts that Bitcoin's lacklustre price action could last a few more weeks.

After facing strong selling pressure earlier this week, Bitcoin (BTC) attempted a rebound but couldn’t sustain above $63,000 for long. As of press time, BTC is down 1.5%, slipping below $61,000. Crypto analyst Willy Woo suggests that the current pump is temporary and the bears still dominate the market.

Bitcoin Bears Still Have A Strong Hand

Analyst Willy Woo says that although the recent Bitcoin price correction cleared excess leverage in the market, there’s still some froth in the market. He adds that there are still a lot of speculative trades for BTC.

Woo adds that the strong BTC liquidations sent the BTC price to $58,000 into the oversold territory. Thus, a temporary bounce back was mandatory before falling further.

Woo added that the current BTC price bounceback is only technical and not fundamental. He also pointed out the presence of a TD9 reversal and a hidden bullish divergence.”So far this technical reversal is playing out,” Woo stated, emphasizing that a break of the RSI trendline would indicate a technical recovery.

Courtesy: Willy Woo

Woo stressed that the current BTC reversal is just technical instead of fundamental. “The markets would correct for overselling,” he explained, further adding that this does not necessarily imply that the fundamental demand and supply for Bitcoin justifies further bullish action.

Also Read: $6.6 Billion of Bitcoin options to expire on June 28

BTC’s Fundamental Price Structure

Woo added that for the formation of the fundamental bullish structures, the demand must outstrip the supply. For this to happen, the spot buyers must actively purchase the coins from the exchanges, which is happening as of now.

But Woo notes that the ongoing issue currently is that synthetic coins are not being sufficiently replaced. He further stated that there’s a need to purge the speculators creating synthetic coins. “We are still waiting on the hash rate to bounce, which is a leading sign that miners have stopped selling to fund hardware upgrades,” he noted.

Thus Woo added that investors might need to wait for a few more weeks of dull BTC price action. “It’s not moon boy time,” he stated, urging speculators to liquidate their positions and exit the market out of boredom. Woo added that the best strategy currently would be to accumulate spot holdings and allow the speculators to make an exit.

Also Read: Why the Bitcoin Price Can Drop to $50,000 Before Bull Run?

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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