An exchange report: Bitcoin shows a market structure of "selling pressure pause but buying has not been confirmed"

ChainCatcher news, an Alpha report from a certain exchange indicates that Bitcoin, after multiple tests, held the $59,200 low and rebounded 3.54% this week to close at $65,655. This round of upward movement was driven more by exhaustion of selling pressure than by new demand. Previously, futures open interest had fallen significantly from the May peak, short-term holders sold at a loss, and exchange balances dropped to a seven-year low, showing the market has entered a phase of deleveraging and releasing selling pressure. Short-term holders are still generally experiencing about 17%–19% unrealized losses, and the potential upward selling pressure remains heavy.