Bitcoin is trading near $65,000 after a 10% rebound from the February 6 low at $60,000.

Current prices: $BTC +0% 24h, $ETH +0% 24h, $BNB +0% 24h, $SOL +0% 24h. Current market trends show $BTC and $ETH leading the charge.

The CryptoQuant analyst argues that the move still looks more like a bear market rally, with persistent selling from short-term holders, and long-term holders accumulating, which is a key factor, as seen on April 20. The analyst also notes that strategic capital is entering the market, but whales are selling into strength, which is a bearish sign. The rebound from the February 6 low is showing early signs of structural improvement, but the $60,000 level is crucial.

Support at $62,000. Resistance at $70,000.

Bearish signal, target $58,000.

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