Prominent Bitcoin analyst Willy Woo said that Bitcoin's current market structure indicated bearishness in the mid-term.
Bitcoin price analysis: BTC stalls below $61,400 resistance amid Middle East tensionsBitcoin price slipped lower on Wednesday after posting a strong rally in the past few days, with escalating tensions in the Middle East weighing on broader market sentiment and踽dampening expectations for an October rally.
Bitcoin price soared to highs of around $61,400 on Wednesday, before coming under pressure once again amid escalating tensions in the Middle East. The world’s apex cryptocurrency had recovered from lows of around $56,000 last week to highs of around $61,400 this week, as traders appeared to be anticipating an “Uptober” rally. However, fresh geopolitical concerns appeared to be impacting the market once again.
* Bitcoin price slipped on Wednesday after posting a strong rally in recent days.
* Escalating tensions in the Middle East impacted broader market sentiment.
* Key technical indicators suggest bearishness in the mid-term.
Prominent Bitcoin (CRYPTO: BTC) analyst Willy Woo recently shared his analysis on the cryptocurrency’s market structure, indicating bearishness in the mid-term. However, Woo also highlighted a transition toward a neutral stance in the longer-term outlook, presenting potential for bullish momentum in the future.
Gold and Bitcoin are often compared in terms of their performance during economic downturns. While both assets are typically viewed as safe havens, their price movements can differ. Gold, with its 5,000-year history as a store of value, has largely saturated the market, leaving minimal capacity for incremental network effects.
In contrast, Bitcoin, being a relatively younger asset, presents vast potential for such effects. According to Presto Research, this aspect makes BTC's risk profile more akin to that of an internet startup. As a result, BTC behaves like a hybrid of both risk-on and risk-off assets, with the former characteristic being more pronounced in the short term and the latter manifesting over the long term.
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