Bitfinex Report: Bitcoin Trapped Between Key Ranges Amid 'Sell Pressure Pause, Buy Volume Unconfirmed' Structure

According to Mars Finance, the Bitfinex Alpha report notes that Bitcoin held its low at $59,200 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 new demand, as open interest in futures contracts has significantly declined from its May high. Short-term holders have been selling at a loss, and exchange balances have dropped to a seven-year low, indicating that the market is entering a phase of阶段性 deleveraging and selling pressure release. Short-term holders remain generally in a floating loss of approximately 17%–19%, suggesting continued substantial upside selling pressure. Currently, Bitcoin is trapped between two key levels: support near the cycle realized price of $54,000 below, and resistance near $68,000 from short-term holder break-even pressure. The market exhibits a structure of “selling pressure paused but buying demand unconfirmed.”