Bitcoin Rebound May Be a Trap, Whales Seize Opportunity to Sell

According to BroadChain, at 18:30 on April 21, NewsBTC reported that CryptoQuant analyst Maartun pointed out that although Bitcoin's rebound from the low of $60,000 on February 6 shows signs of structural improvement, the current trend appears more like a bear market rally rather than a confirmed breakout. Despite long-term holders engaging in structural accumulation at a scale of approximately 354,000 BTC, and strategic capital (such as Strategy raising $266 billion within 48 hours) entering the market, short-term holders have transferred about 60,000 BTC to exchanges (with SOPR below 1 indicating loss-driven selling). At the same time, whale wallets holding over 100 BTC have also increased their inflows to exchanges, creating a situation where long-term structural improvement coexists with short-term selling pressure. Bitcoin's current price is around $75,088, still below the critical resistance level of the short-term holder realized price (approximately $83,000), indicating that the market has not yet achieved an effective breakout. Maartun believes that if demand can continuously absorb selling pressure and push the price above this threshold, the improved fundamentals could translate into a more sustained upward trend. However, the current rally has not yet been confirmed for trend continuation.