Willy Woo says retail bought this difficult dip in a brisk incident

Bitcoin online chain analyst Willy Woo believes retail has not plummeted since the last Covid market crash, so we read more on today’s bitcoin price news.

Bitcoin price has struggled to break the USD 50,000 resistance since declining December 3rd, and as the price continues to move sideways, market watchers are wondering how this year will end and whether there will be another rally with support at 46,000 USD will give. Despite a tight trading range over the past two weeks, Bitcoin chain online analyst Willy Woo has pointed out indicators that show no signs of bearish.

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Willy woo says that private investors are using the falling prices and buying more drops than usual:

“The last time retailers bought with such sharp falls was what caused the COVID incident.”

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He also left some room for discussion for his followers to decide whether the metric signals bullish momentum that could return soon:

“The real bear market doesn’t happen with sellers, it happens when we don’t have buyers.”

Earlier this week, Woo pointed out that demand from investors in the chain is showing no signs of bearish, noting:

“Long-term owners have sold and taken profits, but according to one cohort they are still in the top consolidation.”

Long-term holders are those who have been holding money for more than five months, in this case BTC, and Woo still sees them in the highest accumulation, which tells us that a bullish macro area remains:

“The bear market coincided with the fact that these owners gave up all of their money. Despite the fear in the market, we are structurally not prepared for a bear market.”

With his focus on bearish buying from HODLers, the analyst argues that there are no signs of another sell-off.

Bitcoin rebounded to $ 50,000 around noon on Sunday after rising to $ 40,000 for a week. As of early October, the bulk of Bitcoin has been above $ 50,000 as a sign of the ongoing bull market, but Bitcoin’s rapid collapse due to significant leverage trading has surprised some. People and even $ 1.79 billion in BTC were liquidated in an hour, bringing its value to $ 47,000 on Friday.