The recent Bitcoin price rebound to $63,000 may have brought some relief to investors, but according to crypto analyst Willy Woo, this bounce is only temporary and technical, rather than a fundamental shift in the market. Woo believes that the current price action is a result of excess speculators being purged from the market, and that the bears still have a strong grip on the market.

Woo points out that while recent corrections have cleared some market leverage, there are still many speculative trades in the market. He predicts that the lackluster price action could continue for a few more weeks, as the market needs to purge more speculators creating synthetic coins. The analyst emphasizes that the current reversal is technical, driven by a TD9 reversal and a hidden bullish divergence, rather than a fundamental change in demand and supply.

The analyst notes that for a fundamental bullish structure to form, demand must outstrip supply, which is not currently happening. While spot buyers are actively purchasing coins from exchanges, synthetic coins are not being sufficiently replaced. Woo believes that investors need to wait for a few more weeks of dull price action, allowing speculators to exit the market out of boredom. He advises accumulating spot holdings and allowing speculators to make an exit.

Woo's analysis suggests that the current price bounce is not a sign of a bull run, but rather a temporary reprieve before the market continues its downward trend. He emphasizes that the hash rate needs to bounce back, which is a leading sign that miners have stopped selling to fund hardware upgrades. Until then, investors should be cautious and not get caught up in the temporary price bounce.

In conclusion, Willy Woo's analysis suggests that the current Bitcoin price bounce is temporary and technical, rather than a fundamental shift in the market. Investors should be cautious and not get caught up in the hype, as the market still needs to purge more speculators and excess leverage before a true bull run can begin.