TechFlow News, February 9: According to Decrypt, Bitcoin’s price has rebounded 12% from last Friday’s low of $62,822, currently trading around $70,998. This rally coincides with a sharp 70% rise in the Coinbase Premium Index, which climbed from -0.23% on Friday to -0.06% during Monday’s Asian morning trading session—indicating a renewed buying interest among U.S. investors.
However, analysts widely attribute this rebound primarily to short covering and short squeezes—not new buying demand. Derivatives market data shows a decline in total open interest alongside rising cumulative trading volume, suggesting investors are mainly closing out short positions.
Experts remain cautious about this rally; Adziima, Head of Research at Bitrue, labeled it a “dead cat bounce,” stating there is “no genuine sustained demand.”
