CryptoQuant: Bitcoin's Rebound is a Bear Market Recovery

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 critical support level of $60,000. Seasonal factors in July and improved demand have jointly supported this rebound, with July rebounds of about 20% and 17% observed in the bear markets of 2018 and 2022, respectively. Bitcoin's total demand over the past 30 days has recovered from a contraction of around 650,000 BTC in early June to near neutral levels, while the Coinbase premium index has rebounded from a deep negative value in early June to -0.062.