PANews reported on March 17th that Bitcoin analyst Willy Woo tweeted that Bitcoin's on-chain and funding fundamentals remain strong in the local range, opening up room for the price to test the "mid-$80,000" level, which represents the cost price for short-term holders. Woo pointed out that this round of gains is mainly driven by the futures market, with buying primarily from short-term funds. This type of liquidity easily leads to "whiplash" volatility to wipe out leveraged positions. He believes that the current bottom structure has not yet formed, and from a liquidity perspective, the overall bear market is about one-third complete. He also warned that the current rebound may constitute a "bull trap."