Analyst: Bitcoin's 3% increase in 24 hours is driven by real demand, not a short squeeze

ChainCatcher reports that CryptoQuant analyst Axel Adler Jr. stated that Bitcoin rose from $62,700 to $64,700 in the past 24 hours, an increase of approximately 3.1%. The Taker order pressure indicator was negative almost all of last week, falling to a low of -3.9, turning positive on July 14, and currently stands at +4.1. The liquidation pressure indicator is -55.2 and has remained negative since July 11, with long liquidations dominating the market.

The analyst pointed out that the combination of the two indicators suggests this rebound is driven by genuine demand rather than a short squeeze. The reversal of Taker capital flows occurred alongside the price increase, which is a typical sign of aggressive buying. If the Taker indicator remains positive over the next 24 hours, the upward trend will be confirmed; if it falls below the zero axis, it indicates that buying momentum is fading. The market has now shifted to a cautious risk appetite.