Bitcoin Onchain Analysts: Buying Pressure Getting Stronger

A Bitcoin on-chain analyst, Willy Woo, notes that the spot market is getting stronger following the flash crash of September 7.

Per his observation, only the leveraged market bore the market of bears following a deleveraging whose trigger has so far not been pinpointed. 

He draws parallels between the 2020 COVID-induced dump of early March to events of September 7, saying the bounce back is expected. Last year, the climactic sell-off was due to an overreaction of investors as the effects of Coronavirus began to unfold.

The analyst argues that spot rates offer traders an opportunity to scoop the coin for cheap as he expects even more upswings in the days ahead.

Nonetheless, some quarters believe the Bitcoin bear pressure is getting started. After solid gains of August 2021, the retracement from highs is inevitable and normal after such protracted gains. In their view, BTC may sink to as low as $28k.

Either way, CryptoAltum traders can swing with the market, opening leveraged long and short trades, employing scalping, swinging, or position trading strategies.