Bitcoin online network analyst Willie Wu believes retail hasn’t dropped since the last Covid market crash, which is why we read more about today’s bitcoin price news.
The bitcoin price has struggled to break through the $ 50,000 resistance since the December 3 decline, and as the price continues to move sideways, market watchers are wondering how this year will end and whether there will be another rally with support at $ 46,000. … Despite a tight trading range over the past two weeks, online Bitcoin network analyst Willie Wu pointed to indicators that are showing no signs of bearish behavior.
The last time retailers bought aggressively at this level was the cause of the COVID crash.
Probably nothing, little, etc. pic.twitter.com/HuxNxYMl48
– Willie Wu (@woonomic) December 14, 2021
Willie Wu says that private investors are taking advantage of falling prices and buying more than usual:
“The last time a retailer shopped like this was the reason for the COVID incident.”
Buy a rendered embed (point volume visible in a chain). It happened, moderately, but most importantly, there are no signs of a new sale yet. It is also worth remembering that it has been washed long ago. pic.twitter.com/j5cjUOIGmA
– Willie Wu (@woonomic) December 13, 2021
He also left room for discussion for his followers to decide if this indicator signals bullish momentum that could return soon:
“A real bear market does not happen with sellers, it happens when we have no buyers.”
Earlier this week, Wu noted that demand from investors in the chain is showing no signs of bearishness, noting:
“Long-term owners sold and took profits, but according to one cohort, they are still at the top of the consolidation.”
Long-term holders are those who have held money for more than five months, in this case BTC, and Wu still sees them in the most accumulation, which tells us that the bullish macro area remains:
“The bear market coincided with these owners giving up all their money. Despite market concerns, we are structurally unprepared for a bear market. ”
Focusing on bearish buying on the part of HODLers, the analyst claims there are no signs of a new sell-off.
Bitcoin jumped to $ 50,000 on Sunday around noon after rising to $ 40,000 in a week. As of early October, most bitcoins have surpassed $ 50,000, indicating an ongoing bull market, but bitcoin’s rapid collapse due to significant leverage has surprised some. People and even $ 1.79 billion in BTC were liquidated in an hour, making it worth $ 47,000 on Friday.