Gate News: On March 17, Bitcoin analyst Willy Woo tweeted that on-chain and fundamental funding aspects of Bitcoin remain strong in this region, opening up space for a price rally to the mid-$80,000 range. This range represents the short-term holder cost basis. Woo pointed out that this rally is mainly driven by the futures market, with buying primarily from short-term funds. Such liquidity can easily lead to “whip-saw” volatility to hunt leveraged positions. He believes that the current bottom structure has not yet formed, and from a liquidity perspective, the overall bear market process is about one-third complete. He also warned that the current rebound could be a “bull trap.”
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