BUY THE DIP GUYS!!!!
Bitcoin analyst Willy Woo has indicated that the peak of the current sell-off in Bitcoin, as measured by the cumulative volume delta (CVD), has been reached and a recovery phase is imminent. However, he notes that it may take several weeks before the conditions are conducive for a bullish market.
The upcoming Bitcoin halving and the prolonged consolidation of Bitcoin near its historical highs are significant factors. As Bitcoin consolidates, more coins are exchanged among investors, potentially establishing long-term support levels once these are breached. However, a drop below the $59k support level could precipitate a bear market if significant liquidation occurs at lower prices.
From a technical perspective, for Bitcoin to re-enter a bullish phase, it must break through the recent resistance level around $68,000 to confirm a safe upward trajectory or else the price will continue going down.
