Bitcoin is currently attempting to form a market bottom, according to on-chain analyst Willy Woo. He identifies the $79,000 level as a crucial test for any potential upward trend. This price point represents the average cost basis for short-term investors. Woo estimates the probability of a successful rebound at roughly 30%. He also notes that stable support above $65,000 would significantly increase the chance of confirming a structural bottom. These insights come as traders watch for signs of a recovery.