Bitcoin Price Surges Amid Strong Spot Demand, Bear Market Rebound?

CryptoQuant CEO Joo Ki-young believes that Bitcoin's bear market may be nearing its end. According to him, rallies during bear markets often mark a bottom.

Bitcoin broke out of a six-week range between $62,000 and $67,000, surging to $79,400 before trading at $77,161.80. This price move was driven by strong spot demand, with Bitcoin ETFs recording net inflows of about $1.92 billion over five trading days.

Short-term holder cost basis near $68,500 has been reclaimed as support, which is a positive sign according to analysts. However, the market structure remains cautious due to a large-scale short squeeze across derivatives markets, with roughly $3 billion in short positions liquidated during the rapid price move.