Bitcoin remains in a bear market despite consolidating between $60,000 and $70,000, according to analyst Willy Woo. He warns that rising volatility indicates the downtrend is strengthening, with a true bottom potentially months away. While some traders position for a break above $75,000, broader macroeconomic factors are needed for a sustained recovery.
Bitcoin has been consolidating within a $60,000 to $70,000 range for about twelve days following a crash on February 5th. Some analysts view this as a potential market bottom, though others remain pessimistic.
Renowned analyst Willy Woo cautioned that the worst may not be over for Bitcoin. “I have bad news for the perma bulls. BTC is still strengthening its bear trend. Volatility is a key metric used by quants to detect trends,” he stated.
Woo explained that Bitcoin entered its bear market when volatility spiked upwards quickly. “Volatility then continues to climb, meaning the bear trend is strengthening,” he added. He projected the bear market must still go through subsequent phases, which could take months to complete.
Analytics firm Glassnode shared a similar stance by examining accumulation patterns. The firm noted that past major drawdowns were met with aggressive buying, which hasn’t been convincingly replicated at current levels. For a convincing bottom, a dip toward $60,000 would need to attract significant accumulation from large players.
In the short term, however, options traders are leaning bullish. Aurelie Barthere, Principal Research Analyst at Nansen, told AMBCrypto that calls have dominated put buying recently. “The dominant call strike is $75K, suggesting that traders favor positioning outside the $60K–$70K trading range,” she stated.
Barthere maintained that a sustained long-term recovery remains uncertain. It depends on factors like the CLARITY Act, U.S. midterm election outcomes, and a macro landscape favoring broader risk-on sentiment.
