Matrixport: Bitcoin may attempt a counter-trend rebound, but is still in a bear market reset phase.

According to charts and analysis published by Matrixport, Bitcoin is attempting a counter-trend rebound after a round of capitulation-style selling. This round of decline cleansed vulnerable positions and triggered passive selling pressure and a chain of forced liquidations in the derivatives market. In the short term, there is still some upside potential from a technical perspective, but whether the rebound can continue depends on whether new funds emerge to take over, rather than solely relying on short covering and institutional hedging funds. Matrixport points out that Bitcoin as a whole is still in a larger-scale bear market reset phase, during which rapid rebounds are not uncommon, but are often unsustainable. On-chain data also shows that the current environment remains weak, with insufficient demand momentum and limited structural holding increases. At the same time, hedging activity on the options side is heating up, which may further amplify price volatility. If there is insufficient support in the spot market, the price of Bitcoin is more likely to decline rapidly, and the impact of derivatives on the price will also increase accordingly.