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Bitcoin price in stasis — Analyst says BTC consolidation 'nearly complete’
A transfer of more BTC from weak to strong hands has set the scene for fresh upside, says Willy Woo.
...
BTC flows to those with "very little" selling history
Bitcoin saw a return to form on Thursday after a dip to $54,400 abruptly reversed, sending BTC/USD to highs of $57,200.
With buyer support in evidence, the pair is nonetheless still to break out of its current wide trading range, bordered by record support at $46,000 and the current all-time highs of $58,300.
For Woo, however, weak hands evaporating and stronger ones stepping in formed the backbone of a bullish take which calls for the end of this consolidatory price phase.
"Strong hands came in to buy this latest dip," he said, alongside a chart showing BTC flowing to wallets "with very little history of selling."
...
https://cointelegraph.com/news/bitcoin-p...y-complete
A transfer of more BTC from weak to strong hands has set the scene for fresh upside, says Willy Woo.
...
BTC flows to those with "very little" selling history
Bitcoin saw a return to form on Thursday after a dip to $54,400 abruptly reversed, sending BTC/USD to highs of $57,200.
With buyer support in evidence, the pair is nonetheless still to break out of its current wide trading range, bordered by record support at $46,000 and the current all-time highs of $58,300.
For Woo, however, weak hands evaporating and stronger ones stepping in formed the backbone of a bullish take which calls for the end of this consolidatory price phase.
"Strong hands came in to buy this latest dip," he said, alongside a chart showing BTC flowing to wallets "with very little history of selling."
...
https://cointelegraph.com/news/bitcoin-p...y-complete
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