Bitfinex Report: Spot Demand Drives Bitcoin Up, Short-Term Pullback Still Possible

ChainCatcher news, Bitfinex Alpha released a report stating that since Bitcoin regained a foothold in the $92,000 range in late April, it has consistently demonstrated strong resilience and structural strength, with prices steadily rising. This increase is clearly driven by the spot market, characterized by a rapid upward impulse following a brief and clear consolidation phase. This trend indicates that the current market is in a healthy accumulation phase, supported by strong real demand rather than speculative overheating. The cumulative volume delta (CVD) of major trading platforms remains positive, further confirming that the market is led by genuine buying rather than leveraged speculators.

Meanwhile, the positioning in the derivatives market is more reactive, with fluctuations in open interest showing that the market is in a transitional phase, accompanied by short squeezes and liquidations. This cleansing helps lay a healthier foundation, allowing speculative bubbles to be digested, with the current upward momentum driven by real capital flows, providing stronger support. Although the possibility of a short-term pullback still exists, the overall trend remains positive.