Despite the volatility caused by macroeconomic factors last Friday, Bitcoin (BTC) market structure continues to show signs of strength.
According to analyst and professional trader Willy Wu, the digital currency was able to resist the overall market decline. Robust domestic demand continues.
In a series of posts on social networks Failed to beat major digital asset trends.
“Internally, BTC is building a bullish structure due to increased inflows, which is likely protecting BTC,” Wu said.
Analysts say it could take 24 to 48 hours to confirm the ground at the site. Bitcoin demand remains constant Since Friday fall.
The metrics that are important to Woo are: Investors don’t seem to have booked profitsthis behavior is reflected in the on-chain metric SOPR (spend return ratio), which shows no decline.
“The macrostructure (cracks, but bullishness) remains intact,” Wu concludes. However, he advises watching whether this support deteriorates in the coming days as traditional markets try to recover from the decline, which in his view could take weeks.
As of the publication of this article, the price of Bitcoin is $111,700, as seen by the CriptoNoticias price calculator.
