π Bitcoin Struggles
After trying to rebound, Bitcoin (BTC) fell below $61,000, down 1.5%. Analyst Willy Woo suggests the recent pump is temporary, with bears still dominating.
π» Bearish Pressure
Woo notes that although recent corrections cleared excess leverage, speculative trades still linger. He believes the current bounce to $58,000 is temporary and purely technical, not fundamental.
π Technical Rebound
Woo highlights a TD9 reversal and hidden bullish divergence. He emphasizes that the rebound is correcting overselling, not indicating a fundamental shift in demand.
π Fundamental Price Structure
For a true bullish trend, demand must outstrip supply. Spot buyers are purchasing, but synthetic coins aren't being replaced. Miners need to stop selling for hardware upgrades, indicating a recovery.
β³ Wait for Stability
Woo advises patience, suggesting a few more weeks of dull BTC price action. He urges speculators to exit and recommends accumulating spot holdings as the best strategy.