Bitcoin’s rebound to the $60,000 level was driven by renewed buying pressure rather than a short squeeze, according to analyst Axel Adler Jr.

According to NS3.AI, Adler said market data showed sustained demand from buyers, with the taker buy/sell ratio staying above one for eight of the last 10 days.

He added that funding rates remained positive for 10 consecutive days, which he cited as further evidence of persistent bullish positioning during the rebound.