Over the past week, Bitcoin’s price action has remained weak, with repeated failures to reclaim levels above $70,000, leaving the asset consolidating between $66,000 and $68,000. The asset posted a slight uptick of 2% on Monday, as it traded above $67,700.
Key takeaways
Quick scan — what you need to know:
- Over the past week, Bitcoin’s price action has remained weak, with repeated failures to reclaim levels above $70,000, leaving the asset consolidating between $66,000 and $68,000.
- The asset posted a slight uptick of 2% on Monday, as it traded above $67,700.
- Analysts warn that geopolitical uncertainty is weakening bullish setups, thereby reducing confidence in any upside despite the emergence of short-term price recovery signals.
- Capital Is Leaving Bitcoin On-chain analyst Willy Woo said that according to legacy valuation models, Bitcoin could bottom between $46,000 and $54,000, while also indicating a potentially extended…
Background
What led here, in plain terms:
- In his latest tweet, Woo said that capital held in BTC has been trending downward since November, which points to steady outflows.
- The analyst also highlighted that the CVDD Floor model, currently near $45,500, continues to rise, providing support.
- However, he warned that such models are based on historical patterns derived from just four prior bear markets, all of which occurred during a broader “secular” uptrend in global risk…
- If that macro backdrop weakens or breaks down, Woo warned that the leading crypto asset could enter uncharted territory, which could end up increasing the chances of a deeper and longer bear market.
Why it matters
Why readers and decision-makers should care:
- In a separate statement, he placed a likely bottom between $35,000 and $45,000.
- The post Bitcoin (BTC) Floor at $46K?
- Willy Woo Says Macro Risks Could Push It Lower appeared first on CryptoPotato.