Bitcoin (BTC) attempted a rebound after experiencing strong selling pressure earlier this week but struggled to maintain levels above $63,000. As of now, BTC is trading down 1.5% below $61,000. Crypto analyst Willy Woo suggests the current price pump is temporary, with bears still controlling the market.
Woo explains that the recent correction cleared excess leverage but left some speculative trades intact. He notes that BTC liquidations pushed the price to $58,000, making a temporary bounce back mandatory before further declines.
Woo emphasizes that this bounceback is technical, not fundamental, and highlights the need for demand to outstrip supply for a sustained bullish trend. He points out that synthetic coins are not being sufficiently replaced and that miners need to stop selling to fund hardware upgrades for a more stable market.
Investors might face a few more weeks of subdued BTC price action. Woo advises accumulating spot holdings while speculators exit the market, stressing the current period is not ideal for aggressive trading but for strategic accumulation.
