Bitcoin’s technical analyst Willy Woo believes this is not a bear market as on-chain indicators are signaling a rebound and the asset is still being bought by long-term buyers.

Popular analyst comments in an interview on “What did Bitcoin do?Podcast June 28. Woo says he doesn’t think Bitcoin is in a typical bear market as the signs of accumulation are appearing in the chain.

Regarding the hit song “Never Gonna Give You Up” from 1980 by British pop artist Rick Astley, Woo said:

“Rick Astley is an owner who buys all the time and never tends to sell a lot… And of course Rick was very active in 2021 and then suddenly all of Rick’s coins went into people’s hands. speculative traders who buy and sell. Now we see this switch back to Rick. “

He added that we are currently in the speculative phase and the coins that were sold earlier this year are slowly being absorbed by the long-term holders.

Podcast host Peter McCormack announced that he has not sold any crypto assets and remains confident because “there is still so much going on and good things happening”.

Connected: 3 things traders are saying about Bitcoin and the state of the bull market

Analyzing the current Bitcoin price chart, Woo says that it is a cycle that is different from all the others as the underlying structure is completely different. He stated:

“The price is flat right now, it looks like a Wyckoff accumulation pattern, and if that works we should lower the last price to $ 28,000-29,000, this should have been the test, the bottomed out. Everything in the chain seems to be in recovery. “

The analytics provider Santiment seems to have noticed similar data and found that the supply of Bitcoin on the exchanges has steadily declined and is being blocked for custody by fraudsters.

Next #BitcoinFall in mid-May, offer $ BTC Sitting on exchanges has been tapered backwards and locked for safe keeping by the owners. That’s a good sign for #bullsas funds leave the exchange, reducing the risk of a massive sell-off. https://t.co/ABkcih9ea1 pic.twitter.com/NqU3ljRyIH

– mood (@santimentfeed) June 30, 2021

Regarding the current regulatory pressures that have escalated in China, the US and the UK, Woo said:

“It’s like Bitcoin is now fighting the last boss in a video game … it really is against central bankers and much earlier than we thought.”

At the time of writing, Bitcoin is trading within its six-week channel-linked range, which is down 3.7% in the past 24 hours to $ 34,653, according to CoinGecko. As reported by Cointelegraph, traders have three key areas in mind for monthly candle closings.