Bitcoin Rebounds to $64,000 Amid Spot Volume Decline, Perpetual Shorts Face Compression Risk

BTC1.31%
According to analyst Murphy from ChainCatcher, Bitcoin rebounded to near $64,000 from $58,000 as spot trading volume declined sharply. The rebound lacks spot demand support, suggesting it is sentiment-driven rather than trend-reversing. Meanwhile, perpetual futures funding rates continue climbing, with the 7-day average reaching $160,000 per hour, indicating sustained buying pressure above spot prices. Open interest remains notably higher than February levels. Murphy warned that as the rebound extends, short squeeze risks will accumulate—if open interest rebounds again, volatile price movements could accelerate.
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