{"id":599051,"date":"2024-03-21T22:00:42","date_gmt":"2024-03-21T22:00:42","guid":{"rendered":"https:\/\/wncen.com\/?p=599051"},"modified":"2024-06-11T08:12:08","modified_gmt":"2024-06-11T08:12:08","slug":"bitcoin-consolidate-breaking-74000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-consolidate-breaking-74000\/","title":{"rendered":"Bitcoin Surging But Likely To Consolidate Before Breaking $74,000: Analyst"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">After capitulating on March 19, Bitcoin recovered on March 20. However, while the crypto community expects more rapid gains, even above the all-time highs of around $73,800, Willy Woo, an on-chain analyst,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/woonomic\/status\/78346960\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">thinks<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0the coin will likely consolidate in the days ahead.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">SOPR Peaked At An Unusually High Level: Profit-Taking?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Taking to X, Woo listed several on-chain metrics, some of which, while supporting prices, are countered by others that might slow down the uptrend. At the top of the list, the analyst notes how the Spent Output Profit Ratio (SOPR) reading is printed out.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/solana\/leading-the-pack-solana-captures-nearly-50-of-global-crypto-attention\/\" target=\"_blank\" rel=\"noopener \">Leading The Pack: Solana Captures Nearly 50% Of Global Crypto Attention<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">The SOPR is used to measure the profitability of Bitcoin transactions. When it is, it suggests that more BTc being moved around are in green. While this reading has risen in the past few trading weeks, how it peaked is a concern.\u00a0<\/span><\/p>\n<figure id=\"attachment_599054\" aria-describedby=\"caption-attachment-599054\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-599054\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/GJL72GEXkAA8QmB.jpg?resize=1024%2C854\" alt=\"Bitcoin SOPR peaking | Source: Willy Woo on X\" width=\"1024\" height=\"854\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/GJL72GEXkAA8QmB.jpg?w=2240 2240w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/GJL72GEXkAA8QmB.jpg?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/GJL72GEXkAA8QmB.jpg?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/GJL72GEXkAA8QmB.jpg?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/GJL72GEXkAA8QmB.jpg?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/GJL72GEXkAA8QmB.jpg?w=2048 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/GJL72GEXkAA8QmB.jpg?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/GJL72GEXkAA8QmB.jpg?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-599054\" class=\"wp-caption-text\">Bitcoin SOPR peaking | Source: Willy Woo on X<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">In Woo&#8217;s assessment, there is likely profit-taking since the SOPR peaked at an unusually &#8220;high level.&#8221; Accordingly, profit-taking translates to holders exiting, which means selling on the spot, possibly resulting in a sideways consolidation.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, the analyst finds reasons for optimism. Specifically, the recent fall from the swing high, at around $73,800, was around 20%. This dip tends to be more severe compared to historical cycles and, more importantly, before halving.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The analyst said it fell by over 30% in the last cycle before halving in 2020.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Additionally, the analyst views the current rise in &#8220;Macro risk signal,&#8221; a metric that compares inflows to risky asset prices like Bitcoin and crypto, as a positive sign. Even though it is rising and bullish, it may &#8220;freak out&#8221; investors, shaking out some before prices rally to new levels.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Bitcoin To Consolidate, Altcoins To Pump?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">What&#8217;s happening to Bitcoin might also impact altcoins and leverage traders. Specifically, the analyst thinks that altcoins will likely pump as Bitcoin consolidates in a technically bullish structure.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Even so, by Woo&#8217;s assessment, the fact that leverage ratios on perpetual swap bets haven&#8217;t been reset means traders should be careful because of the expected volatility tagging position adjustments.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/altcoin\/fantom-ftm-bull-run-can-ftm-hit-2-after-20-price-spike\/\" target=\"_blank\" rel=\"noopener \">Fantom (FTM) Bull Run: Can FTM Hit $2 After 20% Price Spike?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">While Woo is bullish, predicting possible choppy price action in April, traders are bullish. Considering the recent wave of institutional demand, Halving might drive prices higher in the coming sessions.<\/span><\/p>\n<figure style=\"width: 1787px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/96mjqcvK\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/96mjqcvK\/\" alt=\"Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView\" width=\"1787\" height=\"904\"><\/a><figcaption class=\"wp-caption-text\">Bitcoin price trending upward on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/96mjqcvK\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Presently, BTC bulls have reversed losses of March 19. The coin is trading above the 20-day moving average. Optimistic traders look at $73,800 as the short- to medium-term target.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>After capitulating on March 19, Bitcoin recovered on March 20. However, while the crypto community expects more rapid gains, even above the all-time highs of around $73,800, Willy Woo, an on-chain analyst,\u00a0thinks\u00a0the coin will likely consolidate in the days ahead. SOPR Peaked At An Unusually High Level: Profit-Taking? Taking to X, Woo listed several on-chain metrics, some of which, while supporting prices, are countered by others that might slow down the uptrend. At the top of the list, the analyst notes how the Spent Output Profit Ratio (SOPR) reading is printed out.\u00a0 Related Reading: Leading The Pack: Solana Captures Nearly 50% Of Global Crypto Attention The SOPR is used to measure the profitability of Bitcoin transactions. When it is, it suggests that more BTc being moved around are in green. While this reading has risen in the past few trading weeks, how it peaked is a concern.\u00a0 In Woo&#8217;s assessment, there is likely profit-taking since the SOPR peaked at an unusually &#8220;high level.&#8221; Accordingly, profit-taking translates to holders exiting, which means selling on the spot, possibly resulting in a sideways consolidation. However, the analyst finds reasons for optimism. Specifically, the recent fall from the swing high, at around $73,800, was around 20%. This dip tends to be more severe compared to historical cycles and, more importantly, before halving.\u00a0 The analyst said it fell by over 30% in the last cycle before halving in 2020.\u00a0 Additionally, the analyst views the current rise in &#8220;Macro risk signal,&#8221; a metric that compares inflows to risky asset prices like Bitcoin and crypto, as a positive sign. Even though it is rising and bullish, it may &#8220;freak out&#8221; investors, shaking out some before prices rally to new levels.\u00a0 Bitcoin To Consolidate, Altcoins To Pump? What&#8217;s happening to Bitcoin might also impact altcoins and leverage traders. Specifically, the analyst thinks that altcoins will likely pump as Bitcoin consolidates in a technically bullish structure.\u00a0 Even so, by Woo&#8217;s assessment, the fact that leverage ratios on perpetual swap bets haven&#8217;t been reset means traders should be careful because of the expected volatility tagging position adjustments. Related Reading: Fantom (FTM) Bull Run: Can FTM Hit $2 After 20% Price Spike? While Woo is bullish, predicting possible choppy price action in April, traders are bullish. Considering the recent wave of institutional demand, Halving might drive prices higher in the coming sessions. Presently, BTC bulls have reversed losses of March 19. The coin is trading above the 20-day moving average. Optimistic traders look at $73,800 as the short- to medium-term target. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":596876,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,8856,679,1122,78790],"class_list":["post-599051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-halving","tag-bitcoin-price","tag-btc-price","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Bitcoin Surging But Likely To Consolidate Before Breaking $74,000: Analyst<\/title>\n<meta name=\"description\" content=\"Bitcoin is likely to consolidate before rallying above $74,000, according to one analyst, citing on-chain statistics\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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