Bitcoin Selling Pressure Eases But More Pain Likely Ahead

Analyst Willy Woo believes the recent bearish selling of Bitcoin has largely exhausted itself, suggesting the price may consolidate sideways for about a month or briefly rebound toward $70,000 before facing rejection. He anticipates that the fourth quarter might mark the end of the bearish trend, with bullish momentum potentially returning in Q1 or Q2 2027. However, Woo cautioned that if global macroeconomic conditions deteriorate, Bitcoin could fall significantly, with $30,000 as a fallback support level. Other analysts, like Bitwise CIO Matt Hougan, agree that selling pressure is nearly over, framing the current situation as a classic crypto winter preceding a spring. Furthermore, technical indicators like the weekly RSI support the view that aggressive selling has peaked, pointing toward prolonged consolidation within the $60,000 to $70,000 range for weeks or months.

(Source：Cointelegraph)