Bitcoin Market Has Turned From Bearish To Neutral

Bittime - In recent times, the Bitcoin market has experienced quite significant fluctuations. However, crypto analyst Willy Woo, said that Bitcoin has moved from a bearish phase to a more neutral one.

Crypto Analyst Willy Woo

Willy Woo is known as one of the analysts in the crypto world. His views based on data and analysis often become a reference for many people in making investment decisions in the crypto market. 

In his latest analysis, Willy Woo noted that Bitcoin inflows from various sources, such as Germany, Mt. Gox, and the United States Department of Justice (DoJ), are slowly being absorbed by the market.

Read Also: Negative Crypto Market Trend Every September, Will It Happen This Year?  

Decline in Bitcoin Paper Transactions

One of the factors that Willy Woo highlighted was the decline in Bitcoin Paper transactions. Bitcoin Paper transactions refer to Bitcoin trading activities in derivatives markets or financial products that do not involve the physical movement of Bitcoin. 

In recent times, the volume of such transactions has decreased significantly. The decline in Bitcoin Paper transactions is considered a good sign by many analysts.

When Bitcoin Paper transaction volume decreases, it could indicate that the market is starting to become more stable and less influenced by short-term speculation. This could also mean that more investors start holding Bitcoin long-term, rather than actively trading it in derivatives markets.

Bitcoin Supply: From Bearish To Neutral

Overall, Willy Woo sees that in terms of supply, Bitcoin has changed from bearish to neutral. This situation is an important change, considering that in recent months the Bitcoin market has been under pressure due to various external factors, including actions from governments and legal institutions that influence Bitcoin supply in the market.

One striking example is the case of Mt. Gox, a crypto exchange that was once the largest crypto exchange in the world before going bankrupt in 2014. A large amount of Bitcoin related to this case was eventually released onto the market, causing uncertainty among investors. 

However, Willy Woo noted that Bitcoin flows from cases like this are now starting to be slowly absorbed by the market, thereby reducing the bearish pressure that had emerged.

Bitcoin from Germany, Mt. Gox, and DoJ

Apart from the case of Mt. Gox, there is also a flow of Bitcoin from Germany and the United States Ministry of Justice (DoJ) entering the market. These Bitcoin flows are caused by Bitcoin confiscation actions in various law enforcement operations. 

However, as mentioned by Willy Woo, the crypto market is starting to be able to absorb this Bitcoin flow well. This effective absorption of Bitcoin flows is one of the reasons why the Bitcoin market situation is starting to stabilize. 

When the market can absorb large flows of Bitcoin without experiencing significant volatility, it shows that there is strong demand and that the market is in a healthy condition.

Read Also: Bitcoin Price: Interest Rate Drop, 2024 US Elections, and US Economic Data  

How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor graphic movement price Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.