Bitcoin is on a bullish streak in the near term: Willy Woo

The analyst looks at the digital currency market from a "cautious optimism."

The market remains expectant about the possible rate cut in the US.

"The current demand and supply of bitcoin are neutral and bearish," says Woo. Professional analyst and trader, Willy Woo, has shared his vision on the near future of bitcoin (BTC), anticipating an increase in its price in the short term. The main cryptocurrency in the market is in a clear upward trend that could continue for approximately one more week, according to Woo.

This analysis comes at a key moment, marked by the expectation of important macroeconomic movements in the United States, scheduled for today, September 18. Investors' attention is focused on the possible decision of the Federal Reserve (Fed) to cut interest rates.

A rate cut often translates into lower borrowing costs, which encourages investors to take more risks by investing in assets like bitcoin, other cryptocurrencies, and stocks. This, in turn, could boost demand for bitcoin, leading to an increase in its price.

The amount of bitcoin on exchanges is falling

In terms of the medium term, Woo highlights that significant bitcoin buying is being observed in the spot market, where cryptocurrencies are acquired directly rather than through derivatives.

Accompanying his analysis with a graph, the expert shows a downward trend in the amount of bitcoin stored on exchanges, which indicates that many investors are withdrawing their BTC and storing it in private wallets..#exchange #Bitcoin❗️ #EEUU $BTC #Bitcoin #MarketSentimentToday