[Analyst: Bitcoin's Current Rally is a Rebound After a Major Drop, Not the Start of a New Bull Market] According to a report by Jinse Finance, on May 10, CryptoQuant analyst Axel Adler Jr published an article stating that he remains cautious about Bitcoin's recent price movements and believes the current rally is a corrective rebound following a major drop, rather than confirmation of a new bull market. He pointed out that after BTC fell from $125,000 to $60,000, the market has shown signs of recovery, but several on-chain indicators have yet to reach the range corresponding to historical bear market bottoms. For instance, the long-term holders (LTH) position structure has not yet formed the typical bottom accumulation pattern, and the market has not undergone a complete phase of spot sell-offs and panic clearing. On a macro level, Axel Adler Jr believes the market is also under pressure. He cited data showing that the U.S. Consumer Confidence Index has fallen to a historic low of 48.2, while Brent crude oil remains near $100, exacerbating inflation concerns. Additionally, the 10-year U.S. Treasury yield has risen above 4.5%, further suppressing risk assets. He noted that the current interest rate market is no longer betting on a rapid rate cut by the Federal Reserve and has even begun pricing in the probability of future rate hikes. Against this backdrop, he believes BTC still lacks sufficient on-chain structural confirmation, stable spot demand, and supply-side pressure relief, thus maintaining a cautious stance.