Summary
- On-chain analyst Willy Woo warned that if Bitcoin (BTC) fails to rebound strongly within this week, a bearish divergence could form.
- He stated that if a bearish divergence is confirmed, Bitcoin is likely to enter a sideways phase for several weeks.
- As of 00:25 on the 31st, Bitcoin is reported to be trading at $105,591.60 on the Binance Tether (USDT) market, down 1.68% from the previous day.
On-chain analyst Willy Woo warned on the 30th (local time) via X (formerly Twitter) that "if Bitcoin (BTC) fails to achieve a strong rebound within this week, a bearish divergence may form on the weekly chart."
He explained, "If a bearish divergence is confirmed, Bitcoin is highly likely to enter a boring, sideways phase for several weeks without a clear direction."
Meanwhile, as of 00:25 on the 31st, Bitcoin is trading at $105,591.60 on the Binance Tether (USDT) market, down 1.68% from the previous day.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
![[Market] Bitcoin breaks below $68,000 as losses deepen](https://media.bloomingbit.io/PROD/news/3a08fe32-6a33-4a62-bb89-4afb5c5399ca.webp?w=250)
![[Market] Bitcoin breaks below $70,000… Korea premium at 0.31%](https://media.bloomingbit.io/PROD/news/74018332-717e-4495-9965-328fe6f56cb4.webp?w=250)
