PANews, June 21 – The Bitfinex Alpha report indicates 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 exhausted selling pressure than by fresh demand. Futures open interest has pulled back significantly from its May peak, short-term holders sold at a loss, and exchange balances fell to a seven-year low, signaling that the market has entered a phase of deleveraging and selling pressure release. Short-term holders remain broadly underwater by about 17%–19%, and potential overhead selling pressure remains heavy.

Bitcoin is currently trapped between two key zones: below, cycle realized price support around $54,000, and above, short-term holder breakeven pressure near $68,000. The market structure reflects a "selling pause but unconfirmed buying" environment.