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Bitcoin News
It seems that Bitcoin investor sell-offs are beginning to lose momentum, but a sustainable recovery is likely months away, according to analyst Willy Woo and several other market observers.
Woo said on Friday that "this bearish selling by investors appears to have exhausted itself," giving Bitcoin "a chance to consolidate sideways for about a month." He added that a short-term rebound toward the middle of the $70,000 range is possible, but Woo said this level is "likely to be rejected."
Bitcoin has been trading between $60,000 and $70,000 for about three weeks, and briefly dipped below $67,000 in late trading on Thursday. Woo pointed to declining liquidity in the spot and futures markets, describing the overall market as "heavily bearish." He added, "I've never seen Bitcoin rise when both liquidity sources are bearish."