Bitcoin analyst says ‘supply shock’ underway as BTC withdrawal rate spikes to one-year high!
The supply shock is being unnoticed, similar to Q4 2020 before the price of Bitcoin skyrocketed, says Willy Woo.
As Bitcoin (BTC) continues trading sideways inside the $30,000–$40,000 range, new data is emerging about the potential for a bullish breakout.
The analyst referred to the ratio of Bitcoin held by strong hands versus weak hands — also known as Bitcoin Supply Ratio — noting that the former is actively absorbing selling pressure from whales who have been dumping their crypto holdings since February.
BTC's availability on exchanges is declining with respect to the supply (blue), leading to a supply shock (green). Source: Woobull
