Foresight News reports that Bitfinex Alpha has released a report indicating that since Bitcoin returned to the $92,000 range at the end of April, it has consistently demonstrated strong resilience and structural strength, with prices steadily rising. This increase is clearly led by the spot market, showing characteristics of a surge following a brief, clear consolidation phase. This pattern suggests that Bitcoin is in a healthy accumulation phase, supported by strong real demand rather than speculative bubbles. The cumulative trading volume difference of major exchanges remains positive, further confirming that the current market is led by genuine buyers rather than leveraged traders.
Meanwhile, the position changes in the derivatives market are relatively passive, with the volatility of open interest indicating that the market is in a transitional period, accompanied by adjustments driven by short squeezes and liquidations. The result is that speculative bubbles are being cleared, and the market foundation is becoming more robust, with the current upward momentum being more supported by real fund flows. Bitcoin is currently not far from its all-time high, and the spot premium remains high; the current volatile consolidation may just be a stabilization period before a breakout. Although there may still be short-term pullbacks, the overall trend remains positively upward.
