analysts: Bitcoin Enters a Phase of Recovery and Selling Pressure Coexisting, SpaceX IPO Stirs the Market

Odaily Odaily News CryptoQuant analyst Axel Adler Jr stated that this week, the market was significantly impacted by SpaceX's massive IPO, drawing risk concerns across asset classes. Although the overall risk appetite indicator remains in a deviation zone, it has provided some relief in terms of market sentiment. For Bitcoin, this week marks a recovery phase from the low of $60,000. However, structural selling pressure persists. Data shows a weekly net outflow of about 20,900 BTC from exchanges, indicating that the ongoing selling pressure has not fully eased. The short-term rebound is primarily driven by short covering, as accumulated short positions over the past month are being liquidated intensively, forming periodic price support. Additionally, pressure on miners has begun to emerge. The overall risk appetite has not yet clearly turned positive, and the market is in a transitional state of "repair and deleveraging coexisting."