On-chain analyst Willy Woo warned that weakening liquidity across spot and futures markets could limit Bitcoin’s upside despite signs that recent selling pressure may be easing.
Woo said the recent bearish sell-off appears to be losing momentum, potentially allowing Bitcoin to consolidate or stage a short-term rebound before encountering renewed resistance.
“This bearish sell down by investors seems to have exhausted, which gives price a reprieve to consolidate sideways for maybe a month, even a rebound to mid $70s, which would likely to be rejected,”
Said Willy Woo.
He cautioned that broader market conditions remain structurally bearish, adding:
“This is because the broader regime is heavily bearish with both spot and futures liquidity deteriorating. I’ve never seen BTC rally when both sources of liquidity are bearish.”
Looking further ahead, Woo suggested that the bearish trend could persist into the fourth quarter before a more durable recovery takes shape in early 2027, describing around $45,000 as a typical bear market bottom for Bitcoin.
He also flagged macroeconomic risk, stating that if the global macro backdrop were to break down, $30,000 would represent the next major support level, with $16,000 as the final line required to preserve Bitcoin’s long-term bull structure.
Woo’s liquidity and holder-based models previously aligned with major cycle lows in 2018 and 2022, reinforcing his view that while short-term relief rallies are possible, structural liquidity conditions will determine whether Bitcoin can sustain any meaningful recovery.
At the time of reporting, Bitcoin price was $66,813.92.