Analyst: Bitcoin rises 3% in 24 hours driven by real demand, not a short squeeze

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

The analyst pointed out that the combination of these two indicators suggests that this rebound is driven by real demand rather than a short squeeze. The reversal of Taker capital flow occurring simultaneously with the price increase is a typical characteristic of aggressive buying. If the Taker indicator remains positive in the next 24 hours, the upward trend will be confirmed; if it falls below the zero axis, it indicates a waning buying momentum. The current market has shifted to a cautious risk preference.