Bitfinex Report: Bitcoin Sales Still Surplus, but Market Structure Has Started to Improve Odaily Planet Daily News: The Bitfinex Alpha report states that Bitcoin, driven by strong spot demand, briefly broke through the resistance level of $94000 to $95000 and hit an intraday high of $97850 on January 14th, reaching its highest level in over two months. This round of rise triggered a significant bearish squeeze, with the highest daily short closing volume in nearly 100 days, and the number of open contracts also returned to normal. Leveraged long positions took profits and short positions were forced to leave. Since Bitcoin returned to its opening price in 2025 and rose more than 21% from its recent low, the market structure has significantly improved, even though the price has fallen about 6% from its high point. This breakthrough, even if only temporary, still has constructive significance, reflecting the reduction of leverage pressure and the improvement of market conditions, provided that the demand for spot goods continues to exist. Bitcoin is entering a dense supply zone dominated by long-term holders (LTH), roughly between $93000 and $110000, where previous attempts to rebound have been hindered. Although long-term holders are still net sellers, their selling speed has significantly slowed down, and realized profits have decreased from a cycle peak of over 100000 bitcoins to approximately 12800 bitcoins per week. This slowdown, coupled with the support of seasonal factors in the first quarter and stronger order flow dynamics than before, has increased the likelihood of Bitcoin absorbing the supply above. To sustain a breakthrough in this region, it is necessary to further alleviate the selling pressure of long-term holders, thus paving the way for a more sustained rebound and potential retesting of historical highs.