High-volume candles related to Bitcoin worth dips already occurred on derivatives exchanges this point around, Willy Woo notes.
Those expecting another Bitcoin (BTC) speculative value dip are wanting within the wrong place, one in all the industry’s known analysts recommended.
In a Twitter discussion on Dec. 20, Willy Woo, creator of on-chain information resource Woobull, same that in style retail exchanges won't spark an additional BTC value rout.
U.S. retail stays calm throughout the rout
Woo was debating the chances of recent draw back with veteran trader Peter brandt, a commentator revered for calling Bitcoin value bottoms in recent years.
Brandt argued that volume spikes that accompany value crashes are absent in December versus previous episodes. As such, the “real” capitulation part is nonetheless to occur.
Responding, Woo argued that speculative derivatives traders had been featured within the cascade to $41,800 earlier this month, whereas retail investors continuing to carry BTC. As such, volume information from Coinbase or different retail platforms doesn't function an appropriate indicator for an imminent dip.
“That’s a Coinbase chart, sell pressure has been from deleveraging on futures markets, conjointly a lot of on Asian spot exchanges,” he wrote.
“Overall no signs yet of an on-chain sell off (HODLers holdling, speculative investors took profits). Effectively a consolidation under weak December liquidity.”
Brandt appeared to acknowledge the nuance.
( William Suberg, Cointelegraph, 2021)