After achieving a high of over $73k in March, Bitcoin has since declined nearly 20%, trading below $61k with recent fluctuations dipping as low as $60,606 at press time.
According to Woo, the market still harbors speculative excess that needs to be addressed to stabilize prices. Willy Woo described the latest increase in Bitcoin’s price as a technical rebound, attributing it to automatic responses within trading algorithms rather than a genuine increase in buyer demand.
The market is merely correcting from its previous oversold condition, without any significant change in the real demand and supply dynamics of Bitcoin.
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