On-chain analyst Willy Woo has observed a recovery in Bitcoin fund flows despite the ongoing bear market. According to Woo, Bitcoin faced local resistance at $75,000, but investor funds have been on the rise since mid-February. He notes that the VIX, a measure of expected volatility in the US stock market, indicates a potential shift to a "risk-on" sentiment in the coming weeks. Woo highlights that Bitcoin's initial decline in this bear market was "too rapid," and current conditions may lead to a price rebound testing around $85,000, the cost price for short-term investors. However, he cautions that this does not signify a market bottom. From a long-term liquidity perspective, Woo asserts that Bitcoin remains in the middle of a bear market, with historical patterns suggesting a period of consolidation and repeated tests of key resistance levels during rebounds.