CryptoQuant: Bitcoin's Rally Still a Bear Market Recovery, Not a Trend Reversal

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