Since the rebound in late April, Bitcoin prices have steadily strengthened, not only climbing above $92,000 but also repeatedly testing higher ranges in the short term. The recent market characteristics are clear: driven by the spot market, consolidation periods are brief, and upward movements are strong, reflecting genuine market demand and a structurally healthy foundation. Nouey Exchange believes that the current performance of Bitcoin is more reflective of fundamental support rather than speculative leverage, signaling that the market is entering a new phase of healthy structural rebuilding.

Spot Buying Dominates the Market, Genuine Demand Replaces Leverage-Driven Growth

Recently, Bitcoin spot trading volumes across major exchanges have continued to grow, with cumulative volume increase indicators remaining positive. This reflects that buying pressure primarily stems from genuine capital inflows. Unlike previous rallies that heavily relied on leverage, this round of growth lacks significant high-leverage participation, and market volatility has not been accompanied by large-scale liquidations. This indicates that capital entry is more stable, investor expectations are clearer, and price movements align more closely with real supply and demand. This type of growth, driven by structural capital, is more sustainable and resilient to external disruptions.

Derivatives Market Enters a Passive Adjustment Phase

Although the spot market is leading the rally, the derivatives market remains in a transitional state. Bitcoin open interest data has shown significant fluctuations, indicating that many positions were passively adjusted during the price surge. On one hand, some short positions were squeezed, further pushing prices upward; on the other hand, the clearing of leverage has brought greater market balance and reduced floating risks. This passive nature of the derivatives market suggests that long and short forces have temporarily lost dominance, creating a clearer path for the spot-driven trend. For high-frequency or quantitative traders, identifying these position restructuring cycles can help anticipate the next volatility inflection point.

Range Consolidation as a Prelude to a Breakout

Currently, Bitcoin prices have entered a short-term consolidation phase after reaching historical highs. Spot premiums remain elevated without significant declines, indicating that the market still holds expectations for a subsequent breakout. From the perspective of market rhythm, the current range-bound movement resembles a redistribution of positions in preparation for another upward push. While technical adjustments may lead to short-term pullbacks, downside risks are cushioned by genuine capital support. For medium- to long-term investors, this phase offers an opportunity to reassess their holdings and adjust their accumulation strategies.

Nouey Exchange Helps Users Decode the Logic Behind Trends

A healthy market trend does not rely on excessive speculation but stems from the accumulation of structural momentum. Current changes in the Bitcoin market indicate that genuine buying and risk control are forming a virtuous cycle, providing a stronger foundation for future price movements. Nouey Exchange encourages users to focus not only on price fluctuations but also on understanding the underlying capital logic and structural evolution. Through a stable trading experience, comprehensive data analysis tools, and diversified product support, Nouey Exchange will continue to empower users to make rational decisions and execute efficiently in complex market conditions.