PANews reported on March 8 that on-chain analyst Willy Woo stated in an article published on the X platform that although Bitcoin encountered local resistance around $75,000, investor funds have been steadily recovering since mid-February. At the same time, the VIX, an indicator of expected volatility in the US stock market, suggests that market sentiment may shift to "risk-on" in the coming weeks.

Willy Woo points out that Bitcoin's decline in the early stages of this bear market was "too rapid," and the current market environment is creating conditions for a price rebound to test around $85,000 (the cost price for short-term investors), which does not mean the market has bottomed out. From a long-term liquidity perspective, he believes Bitcoin is still in the middle of a bear market; historically, after similar rapid declines, prices usually experience a period of consolidation before repeatedly testing key resistance levels during the rebound.