Bitfinex Report: Bitcoin Shows 'Selling Pause but Buying Not Confirmed' Market Structure

CoinFeed June 21 news, Bitfinex Alpha report points out that Bitcoin held the $59,200 low after multiple tests and rebounded 3.54% this week to close at $65,655. This rally was driven more by exhaustion of selling pressure rather than new demand, as futures open interest had significantly declined from May highs, short-term holders sold at a loss, and exchange balances dropped to a seven-year low, indicating the market has entered a phase of deleveraging and selling pressure release. Short-term holders are still generally in a floating loss of about 17%–19%, and potential upside selling pressure remains heavy. Currently, Bitcoin is trapped between two key ranges: below, the cycle realized price support around $54,000, and above, facing short-term holder breakeven pressure near $68,000, presenting a market structure of 'selling pause but buying not confirmed.'