Journalist
Posted:
Since the February 5 crash, Bitcoin has been consolidating within the $60,000-$70,000 price range for about 12 days.
Some analysts are calling this range the likely market bottom that could serve as a springboard for BTC’s recovery. Others, however, remain pessimistic.
According to well-known Bitcoin analyst Willy Woo, the worst may not be over yet. He warned,
“I have bad news for the perma bulls. BTC is still strengthening its bear trend. Volatility is an important metric used by quantitative data to detect trends.”
He added:
“BTC entered the bear market when volatility rose rapidly. Volatility then continues to rise, meaning the bear trend is strengthening.”
Source: X/Willy Woo
He continued that the Bitcoin The bear market only weakens when volatility (red peaks) peaks in the mid or late bear market phase.
The macro bottom comes at the second or third smaller volatility peaks. In other words, the market wasn’t out of the woods yet, despite holdings over $60,000.
Wow added that a bearish move in global stocks would lead BTC into the second phase of the bear market, while the final third phase would occur when capital outflows reach their peak.
Weak demand for BTC, but options traders are still looking at $75K
Glassnode shared a similar view, citing accumulation during recent price declines and previous market bottoms. The analytics company noted that the November 2025 drop and the post-LUNA crash and implosion of the FTX were accompanied by a massive accumulation (darker shades).
When the accumulation trend score approaches 1 (dark shades), many players buy aggressively on average.
Source: Glassnode
However, if the score gets closer to zero or brighter shades, big players dump. For a convincing market bottom, the $60,000 level or a further dip should attract aggressive buying, represented by darker color tones.
That means: one more a step back to $65,000 or lower cannot be ruled out as Woo predicted that the bear market phase could last for months.
In the short term, however, options traders were leaning increasingly bullish, expecting a breakout above the $60,000-$70,000 range with an immediate target of $75,000.
In a statement, Aurelie Barthere, Principal Research Analyst at Nansen, told AMBCrypto that options traders were less bearish than ten days ago.
She added:
“Over the past seven days, calls have dominated put buying, especially on block trades typically placed by more professional investors. The dominant call strike is at $75,000, indicating traders prefer positioning outside the $60,000 to $70,000 trading range.”
Calls are bullish bets, while puts underline the demand for hedging against downside risk (bearish bets).
In the long term, however, Barthere maintained that a sustainable recovery may remain uncertain unless the CLARITY Act, US midterm election results and the macro landscape promote a broader sense of risk.
Final summary
- Willy Woo warned that the bear market has only just begun and still has to go through the second and third phases before it really bottoms out.
- Glassnode echoed similar sentiments, but options traders were contrarian, seeing a possible breakout to $75K in the short term.