Bitfinex: The resilience and sustained demand for Bitcoin will continue to strengthen it in the medium term

ChainCatcher news, Bitfinex released a report stating that Bitcoin experienced an astonishing rebound last week, rising back above $100,000 after briefly dropping to a low of $89,698. The rebound peaked at $105,800. The 18.2% rebound from peak to trough highlights Bitcoin's relative strength compared to stocks. The recovery was primarily driven by positive spot buying, evidenced by a significant increase in cumulative spot trading volume. This indicator suggests that buying pressure from buyers, especially from U.S. exchanges, is substantial. The buying pattern is similar to previous activities associated with MicroStrategy and ETF purchases, further confirming the view that institutional demand remains strong.

However, the spot buying pressure observed last week may take time to replenish buying interest, potentially leading to a brief pullback before further upward momentum can resume. Bitcoin's resilience and sustained demand suggest it will continue to strengthen in the medium term.