Gate News bot news, analyst Willy Woo stated that if there is no more buying pressure this week, the Bitcoin market may fall into a long-term consolidation again.
He claimed that the momentum of Bitcoin, which surged from $75,000 on April 7 to just below $112,000 on May 22, is “starting to weaken,” and pointed out that “this week is crucial; if we do not have follow-up action, the market will face consolidation again.”
Woo stated that in the short term, “later speculators” are going long, while potential profit-taking “is ready to sell,” as indicated by the Bitcoin spent output profit ratio (SOPR) (Note: SOPR is an indicator that measures the price paid divided by the price sold).
He said, “This week’s spot purchases will have a significant impact on price trends for the next 1-2 months. We are in a key area (pivot zone).”
On the positive side, he noted that risk signals are on a downward trend, and in a broader context, “buyer liquidity is dominant.” He stated: “We are preparing for another robust uptrend in the long run.”
Source: Cointelegraph
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