On May 21, Bitfinex Alpha released a report stating that Bit has been showing strong resilience and structural strength since re-establishing its foothold at the low point of the $92,000 range in late April, with prices steadily rising. This rally is clearly driven by the spot market, characterized by an impulsive price movement following a brief and clear consolidation phase. This trend indicates that the current market is in a healthy stage of chip accumulation, backed by strong genuine demand rather than overheated speculation. The cumulative volume difference (CVD) on major trading platforms remains positive, further confirming that the market is driven by real buying pressure, not leveraged speculators.
Meanwhile, the derivatives market's position performance is more reactive, with open interest volatility showing that the market is in a transitional phase, accompanied by short squeezes and resets triggered by forced liquidations. This cleansing helps establish a healthier foundation, allowing speculative bubbles to be digested, and the current upward momentum is driven by real capital flows, providing more solid support. Although the possibility of short-term pullbacks remains, the overall trend remains positive.
