According to ChainCatcher, well-known cryptocurrency analyst Willy Woo shared the five major macro signals of Bitcoin that he is closely watching, three of which are bullish and two are bearish.
Bullish signal:
The miner capitulation period has ended, which is one of the most reliable bull market indicators.
The hash rate is recovering, and the price and hash rate bottoms are in sync with the new generation of hardware upgrades.
Global liquidity has begun to expand, which is conducive to traditional finance purchasing risky assets such as Bitcoin.
Bearish signal:
Spot exchange volumes increased, including a 50,000 BTC transfer from Mt. Gox to Kraken.
The upcoming launch of an Ethereum spot ETF could lead to some funds moving away from Bitcoin ETFs.
Woo believes that overall the bullish factors outweigh the bearish ones. He pointed out that in the short term, Bitcoin only needs to break through $73,000 to trigger a short squeeze, pushing the price to $77,000, after which it will enter a price discovery phase.
