CryptoQuant: Bitcoin's rebound remains a bear market recovery, not a trend reversal

Odaily reported that CryptoQuant analysis indicates the recent rebound in Bitcoin should be viewed as a bounce within a bear market, rather than a trend reversal. Bitcoin has recovered approximately 10% from last week's bear market low of $57,700 to around $63,000, reclaiming the critical support level of $60,000. July's seasonal factors and improved demand are jointly supporting this rebound. During the bear markets of 2018 and 2022, July saw rebounds of approximately 20% and 17%, respectively. Bitcoin's 30-day total demand has recovered from a contraction of about 650,000 BTC in early June to near-neutral levels. The Coinbase Premium Index has rebounded from deeply negative levels in early June to -0.062.