PANews reported on February 9th that Matrixport analyzed that after a round of capitulation selling, Bitcoin is attempting a counter-trend rebound. This round of decline cleared out vulnerable positions and triggered passive selling pressure and a chain reaction of forced liquidations in the derivatives market. In the short term, there is still room for upward movement from a technical perspective; however, whether the rebound can go further depends on whether there is new capital to take over, rather than relying solely on short covering and institutional hedging funds.
As previously mentioned, Bitcoin remains in a larger-scale bear market reset phase. Rapid rallies are common in this phase, but they are often unsustainable. On-chain data continues to confirm the current environment remains fragile: demand momentum is weakening, and structural holding increases are limited. Meanwhile, hedging activity in the options market is heating up, further amplifying volatility. If spot market support is weak, prices are more likely to experience gap-down declines, and the influence of derivatives on Bitcoin's price formation will increase accordingly.
