Willy Woo, a leading Australian crypto researcher, analyst, and commentator, recently took to his well-followed Twitter feed to convey his latest bit of Bitcoin (BTC)-related analysis. According to his proprietary network indicators, which many argue are better than pure technicals, “there’s not a lot of on-chain volumes to fuel a prolonged move [to the upside].” He then went on to note that the influx of traded BTC could be chalked up to market volatility, which pushed investors to send their holdings to exchanges to capitalize/liquidate.
Despite the technical setup that suggests bullishness is possible, there's not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. pic.twitter.com/MVxlN8ttO1