Bitfinex Report: Bitcoin Rebounds After Holding $60,000, Market Shows Structure of Paused Selling Pressure but Unconfirmed Buying

Odaily Planet Daily News, the Bitfinex Alpha report indicates that as tensions in the Middle East ease and expectations for a US-Iran ceasefire grow, Bitcoin (Bitcoin) held the 59,200 USD low after multiple tests and rebounded 3.54% this week to close at 65,655 USD.

The report suggests that this rally is more driven by the exhaustion of selling pressure than by new demand. Previously, futures open interest has significantly declined from its May high, short-term holders sold at a loss, and exchange balances have fallen to a seven-year low, indicating the market has entered a phase of deleveraging and the release of selling pressure.

However, on-chain and capital flow data show that demand remains weak: ETF flows are still negative, the pace of corporate treasury buying has slowed, and short-term holders are generally in a state of unrealized loss of approximately 17%–19%, meaning potential selling pressure from above remains heavy.

Bitfinex points out that Bitcoin is currently trapped between two key ranges: below, support from the cycle's realized price around 54,000 USD, and above, facing break-even pressure from short-term holders near 68,000 USD. The market structure is characterized by 'selling pressure paused but buying unconfirmed'.

On the macro front, US inflation rose to 4.2% in May, mainly driven by energy prices increasing due to the Middle East conflict. Meanwhile, economic growth slowed to 1.6%, raising fears of 'stagflation'. However, the market found some relief from the potential US-Iran agreement. If the Strait of Hormuz reopens and alleviates the energy supply shock, it could reduce inflationary and real interest rate pressures, providing support for risk assets.

The report also notes the continued deepening of institutional trends: BlackRock has submitted an application for a Bitcoin yield-enhancing ETF; Japan's three major banks—MUFG, Mizuho, and Sumitomo Mitsui—are exploring the joint issuance of a yen-denominated stablecoin; and Strategy continues to add 1,550 BTC to its holdings, bringing its total position to 845,256 BTC, reinforcing the trend of sustained corporate accumulation.