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Analysis: Current Market Rebound Driven by Spot Market, But Speculative Positions May be Over-Accumulated in Short Term
Summary: According to CryptoQuant analyst @AxelAdlerJr, the Bitcoin market has emerged from the deleveraging phase in December and entered a phase of moderate expansion. The positive composite Z-Score indicates a return of market optimism, but the negative divergence suggests that the current uptrend is driven by the spot market rather than the leverage market. This structurally ...
According to CryptoQuant analyst @AxelAdlerJr, the Bitcoin market has emerged from the deleveraging phase in December and entered a phase of moderate expansion. The positive composite Z-Score indicates a return of market optimism, but the negative divergence suggests that the current uptrend is driven by the spot market rather than the leverage market.
This structurally healthy dynamic reduces the risk of cascading liquidations. The fact that prices are maintained above current levels and open interest growth is slow rather than explosive is a key factor driving the continued uptrend. The main risk is that the divergence indicator sharply reverses to positive territory without price support, which may indicate an over-accumulation of speculative positions.
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Link: Analysis: Current Market Rebound Driven by Spot Market, But Speculative Positions May be Over-Accumulated in Short Term [Copy]
