Analyst Willy Woo: Bitcoin May Face Bearish Reversal
According to a report by Jinse Finance, a tweet from cryptocurrency analyst Willy Woo indicates that although the overall trend for Bitcoin remains bullish, there are potential bearish signals in the market. During Bitcoin's rise from $75,000 to $112,000, capital inflows have been unusually flat over the past three days, speculative sentiment is overheated, and investors have ample profit-taking opportunities. Woo pointed out that if buying continues this week, Bitcoin's price could challenge $114,000 and clear short positions; however, if a new high is not reached in the short term, a bearish divergence may form on the long-term chart, at which point the market will need to undergo another round of profit-taking.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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