Bitcoin on-chain analyst Willy Woo said the current move in Bitcoin still appears to have room to run for another two to four weeks before the market turns overbought and needs to cool off. He also pointed to a period from late August to mid-September, when the oscillator he referenced cooled while price action stayed firm. In his reading, that divergence suggested buying demand was strong enough to absorb selling from short-term profit-takers. The remarks frame the latest stretch of Bitcoin trading as a move that may not be exhausted yet, even if Woo expects a cooling phase after the market reaches overbought conditions. His comments were cited by ChainCatcher.
According to ChainCatcher, Bitcoin on-chain analyst Willy Woo said the current move still appears to have room to run for another 2 to 4 weeks, after which the market would enter overbought territory and need to cool off.
Woo also said that from late August to mid-September, the oscillator showed a cooldown while the price remained strong, indicating that buying demand outweighed selling from short-term profit-takers.
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