• As per Willy Woo, Bitcoin is currently in a bull market.
  • BTC is currently consolidating in a symmetrical triangle pattern.

Have BitMEX traders camouflaged Bitcoin’s bull season?

Famous Bitcoin analyst, Willy Woo, tweeted that Bitcoin has been in a bull market since price recovered from last year’s $3k low. However, wild price swings by the BitMEX traders had camouflaged the bull market and made it extremely difficult to identify.

Woo was replying to a tweet by @IrishCryptoWolf, who had earlier stated that Bitcoin needed another round of investor capitulation before it makes a major move in the upward direction.

Earlier, Woo weighed in on the BitMEX-CFTC drama by saying that it was a necessary clean up before the industry paves the way for a Bitcoin ETF.

CFTC is wrecking BitMEX for wrecking Bitcoiners. It’s a necessary clean up step before an ETF can be approved. This is one of those “the herd is coming” events.

Speaking of which, BTC has recovered from the negative effects of the BitMEX-CFTC debacle as the price continues to consolidate in the symmetrical triangle pattern.

BTC/USD daily chart

BTC/USD daily chart

The relative strength index (RSI) for the flagship cryptocurrency is trending around the midline as BTC's supply and demand keep canceling each other out. If the price has a bearish breakout from the triangle, it will fall to the $10,600 support line, which should absorb most of the selling pressure (further explained in the IOMAp section).

However, the MACD shows sustained bullish momentum, so we can safely assume that the price will break upwards from the triangle pattern. Post break out, BTC should reach up to the $11,560 resistance line, as defined by the IOMAP.



IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model reveals a strong supply barrier at $10,600 that will prevent the largest cryptocurrency by market cap from falling to catastrophic levels. Previously, a little more than 2 million addresses had purchased 1.58M BTC.

On the upside, there are a few moderate and moderate-to-strong resistance levels. The most notable level is at $11,560, wherein 967k addresses had bought close to 605k BTC. 

BTC holder distribution


Santiment’s holder distribution chart shows that since 16th July, the number of addresses with >10,000 BTC, aka “whales,” has increased significantly. As per the analytics firm, the number of addresses in the 10,000-100,000 BTC bracket has risen by 9 in this time period. 

At first glance, the recent increase in the number of large investors behind BTC may seem insignificant. However, when considering that these whales hold millions of dollars worth of Bitcoin, this rise does feel pretty significant.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Ethereum Price Prediction: ETH runs risk of sliding 14% as crypto market weakens

Ethereum price has dropped below two significant footholds on January 21, as selling pressure increased. ETH could be at risk of declining an additional 14%, a pessimistic forecast given by the bearish chart pattern. 

More Ethereum News

Bitcoin Weekly Forecast: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

More Bitcoin News

Decentraland Price Prediction: MANA relief rally capped at $3

Decentraland price has been on a massive bear trend since its all-time high in late 2021. The collapse of this metaverse token seems to be pausing as MANA trades inside a demand zone.

More Decentraland News

MATIC falls below critical support, a move to $1.70 may be next

A brief technical and on-chain analysis on Polygon price. Here, FXStreet's analysts evaluate where MATIC could be heading next.

More Polygon News

BTC eyes retest of $50,000

Bitcoin price shows a resurgence of retail interest as it bounced off a crucial psychological level. The recent uptrend is preparing a base on a short-term time frame so BTC can kick-start a larger leg-up. Interestingly, on-chain metrics are lining up with the bullish outlook portrayed from a technical perspective. An uptrend now seems inevitable for BTC and, therefore, the larger ecosystem.

Read full analysis