CryptoQuant: Bitcoin rebound still a bear market recovery, not a trend reversal

CoinFeed July 10 news, according to The Block report, CryptoQuant analysis points out that Bitcoin's recent rebound should be seen as a rebound in a bear market rather than a trend reversal. Bitcoin rebounded about 10% from last week's bear market low of $57,700 to around $63,000, reclaiming the key support level of $60,000. July seasonal factors and improving demand together supported this rebound, with July rebounds of about 20% and 17% in the bear markets of 2018 and 2022 respectively. Bitcoin's 30-day total demand recovered from a contraction of about 650,000 BTC in early June to near neutral, and the Coinbase premium index recovered from deep negative territory in early June to -0.062.