On July 23, cryptocurrency analyst Willy Woo shared the five macro signals for Bitcoin that he is closely following, with three bullish signals and two bearish signals.
Bullish signals:
The miner capitulation period has ended, which is one of the most reliable indicators of a bull market;
Hash rate is recovering, with price and hash rate bottoming out in sync with the upgrade of new generation hardware;
Global liquidity is starting to expand, which is favorable for traditional finance to purchase risk assets such as Bitcoin.
Bearish signals:
The amount of coins on spot exchanges is increasing, including 50,000 BTC transferred from Mt. Gox to Kraken;
The Ethereum spot ETF is about to be launched, which may cause some funds to shift from Bitcoin ETF;
Woo believes that overall, the bullish factors outweigh the bearish factors. 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, and then enter the price discovery phase.
