Bitcoin fundamentals remain strong, Willy Woo warns current rally may be a "bull trap"

PANews March 17 news, bitcoin analyst Willy Woo tweeted that the on-chain and capital fundamentals of bitcoin remain strong in this local range, opening up space for the price to reach the "mid-$80,000s," which is the cost price for short-term holders. Woo pointed out that this round of price increase is mainly driven by the futures market, with buying dominated by short-term funds. This type of liquidity easily leads to "whipsaw" 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 may constitute a "bull trap."