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

Odaily Planet Daily News CryptoQuant analysis indicates that Bitcoin's recent rebound should be viewed as a bounce 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, recovering the key support level of $60,000. Seasonal factors in July and improved demand are jointly supporting this rebound; during the bear markets of 2018 and 2022, July saw rebounds of about 20% and 17%, respectively. Bitcoin's 30-day total demand has recovered from a contraction of approximately 650,000 BTC in early June to near neutrality, and the Coinbase premium index has rebounded from deeply negative levels in early June to -0.062.