Woo Says Bitcoin Is Still Deep In A Bear Market

For Willy Woo, the bitcoin rebound does not mark the end of the bear market. The on-chain analyst believes a bullish trap is forming, while BTC might not have reached its bottom yet. His reading is based on liquidity, as the current movement looks less like a sustainable reversal than a simple market spurt.

Willy Woo sees a bullish trap before a real bottom

Willy Woo believes that bitcoin could experience a short-term rebound able to deceive the market before a new down phase. In his message published Saturday, the analyst mentions a “A bullish trap is forming” and specifies that this movement could last “until the end of April”. He adds that his reading is based on liquidity conditions, not just a simple price level. Woo also states that he will gladly change his mind if capital returns massively with the appropriate profile of long-term investors.

Following that, Woo describes bitcoin as “firmly established in the middle of its bear market” from a long-term liquidity perspective. He reminds that after phases of sharp decline, BTC often tends to move sideways before attempting a rally towards resistance zones. This is precisely the type of configuration that fuels the risk of a false restart, where a technical rebound can be interpreted too quickly as a trend reversal.

• Bitcoin had dropped about 46.82 % since its all-time high in October at 126,000 dollars ;
• BTC is currently trading at 66,974 dollars ;
• Over 30 days, the asset still showed a 3.74 % increase ;
• Woo considers this level does not yet correspond to the market bottom.

Other market signals reinforce caution

Alongside this reading, other indicators point in the same direction. Santiment observes that small holders are starting to buy again under 70,000 dollars, while whales sell aggressively. The platform summarizes this imbalance with a clear formula: “the correction is not over yet”. Its monitoring also shows that wallets holding between 10 and 10,000 BTC have sold about 66% of bitcoins accumulated after the move towards 74,000 dollars. This dynamic adds weight to Woo’s warning. The market can still produce rebounds without the cleansing process being complete.

The atmosphere hardens further with insights from other analysts. CryptoQuant believes that bitcoin remains in a bear market despite the recent rally, with a Bull Score Index at 10 out of 100, described as deeply bearish. Benjamin Cowen on his side considers 2026 resembling a bear market year and does not see new all-time highs during this period. Additionally, the Crypto Fear and Greed Index has returned to an extreme fear zone at 18, after a brief rise to 25 a few days earlier. Even though Woo notes that investor flows have been “steadily recovering” since mid-February, all these signals paint a market where recovery remains fragile, contested, and vulnerable to another weakness episode.

The signal remains fragile. For Willy Woo, the observed rebound is not enough to invalidate the underlying trend, while the bitcoin price still evolves in a tense market. The future will depend less on a one-time spurt than on a durable return of liquidity and confidence.