Crypto analyst says Bitcoin selling pressure is nearly exhausted

Bitcoin has been given some reprieve to trade sideways for a few weeks, but it won't likely emerge from the woods until the fourth quarter, says crypto analyst Willy Woo.

Bitcoin investors could finally be taking a break from selling, relieving some downward pressure on Bitcoin — though months of consolidation will likely lie ahead, says analyst Willy Woo.

“This bearish sell-down by investors seems to have exhausted,” said Woo on X on Friday. This gives the price “a reprieve to consolidate sideways for maybe a month,” or even a rebound to the mid $70,000 level, “which would likely be rejected,” he said. 

Bitcoin (BTC) prices have been range-bound between $60,000 and $70,000 for the past three weeks, and fell below $67,000 briefly in late trading on Thursday.

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