Bitcoin Price Recovers to USD 63,800, How's the Sentiment This Week?

Previously, leading Bitcoin (BTC) onchain analyst Willy Woo revealed that the decline in the price of the top cryptocurrency to the range of USD 58,000 (Rp. 951.8 million) was driven by speculators who continued to open new buying positions.

Quoted from News.bitcoin.com, Thursday (6/27/2024) Willy Woo believes that these speculators contribute to more fuel for more liquidations in long-term pressure, which ultimately causes BTC to fall below the USD 60,000 (Rp. 984.6 million) range.

In a post on social media platform X, Willy Woo also attributed some of the pressure to bitcoin miners adjusting to the post-halving reality.

“Miners are selling BTC to pay for hardware upgrades because old hardware is no longer profitable. The weakest miners are closing shop and getting liquidated,” Willy Woo explained.

To cover the revenue shortfall, miners have been selling more BTC to the market than before the halving, he said.

However, in his post on June 24, 2024, Willy Woo described this as a culling of weak miners, which he said would be followed by a price increase.

To support his prediction of a BTC rebound, Willy Woo shared a chart that he said indicated a reversal.

However, the onchain analyst also warned that even if this prediction pans out, BTC still needs to clear the futures open interest in the system before prices can rise again.