On-chain analyst Willy Woo believes there’s a strong possibility that Bitcoin (BTC) has reached its price bottom.
Technical Indicators Point to Reversal
Woo analyzed short-term technical indicators and identified a potential reversal pattern. He explained that a “TD9 reversal” on daily candles is approaching, which could lead to a correction of the recent market overselling.
Liquidation Levels
Woo also noted that $54,000 is a significant liquidation level for Bitcoin. He believes that if BTC falls below this level, it could trigger a bearish phase. However, he emphasized that this is unlikely given the current market structure.
Current Market Situation
As of writing, BTC is trading at $60,885, down over 1% in the past 24 hours.
