TechFlow to TechFlow, on February 9th, Matrixport reported that Bitcoin is attempting a counter-trend rebound after a period of capitulation. This decline has cleared out vulnerable positions in the market and triggered passive selling pressure and a chain reaction of liquidations in the derivatives market. In the short term, there is still room for upward movement technically, but the key to whether the rebound can be sustained lies in whether new funds emerge to take over, rather than relying solely on short covering and institutional hedging funds.
Analysts point out that Bitcoin is still 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 that the current environment remains fragile, manifested in weakening demand momentum and limited structural holdings. Meanwhile, hedging activity in the options market is heating up, further amplifying market 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 will increase accordingly.
