Bitcoin has been stuck in a $60K–$70K trading range for roughly 12 days after the sharp sell-off on Feb. 5 — a consolidation some traders call a potential market floor, but others warn it could still be the calm before a deeper decline. What analysts are saying - Willy Woo (X): The well-known on-chain analyst argues the picture is still bearish. He says rising volatility — a key quant metric for trend detection — shows Bitcoin “is still strengthening its bear trend.” According to Woo, BTC entered a bear phase when volatility spiked, and the trend only weakens once volatility peaks in the mid- to late-bear phase. He added that the macro bottom typically arrives on the second or third smaller volatility spike, so “the market was not yet out of the woods” despite holding above $60K. Woo also warned that a pullback in global equities could trigger a second bear phase for BTC, with a final phase arriving when capital outflows peak. (Source: X/Willy Woo) - Glassnode: On-chain analytics support the idea that bottoms coincide with heavy accumulation. Glassnode’s Accumulation Trend Score shows darker shades — indicating aggressive buying — during past market floors, such as the November 2025 drop and the post-LUNA/FTX sell-off. The firm’s view: for a convincing bottom, dips to $60K (or lower) should be met by similar aggressive accumulation; if the score fades toward zero (lighter shades), large players may be exiting. Near-term and options flow - Despite the cautious on-chain outlook, options traders have recently skewed more bullish. Nansen’s Principal Research Analyst Aurélie Barthère told AMBCrypto that options activity is “less bearish than ten days ago.” Over the past week, call buying has outpaced puts—especially in block trades typically placed by professional investors. The most active call strike is $75K, signaling traders are positioning for a breakout above the current $60K–$70K range. Scenarios to watch - Bear case: If $60K is not defended and volatility keeps climbing, Woo and Glassnode say another leg down remains plausible. Woo estimated the bear phase could take months to play out. - Bull case: Continued accumulation at current or lower prices and strong call positioning (targeting $75K) could set up a recovery attempt. - Macro triggers: Progress on the CLARITY Act, U.S. midterm election outcomes, and broader macro risk appetite will be key drivers for a sustained rebound. Key levels & indicators - Key support zone: $60K — needs aggressive buying to confirm a bottom. - Immediate breakout target (options market): $75K. - Indicators to watch: volatility spikes, Glassnode’s Accumulation Trend Score (dark = buyers, light = sellers), global equities performance, and capital flow trends. Disclaimer This report is informational and not investment advice. Crypto trading is high-risk; do your own research before making decisions. (Source: AMBCrypto, Willy Woo/X, Glassnode, Nansen) Read more AI-generated news on: undefined/news

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