**[Bitfinex Report: Bitcoin Exhibits a "Pause in Selling Pressure but Unconfirmed Buying Pressure" Market Structure]** The Bitfinex Alpha report highlights that Bitcoin has held the $59,200 low after multiple tests and rebounded 3.54% this week to close at $65,655. This recent rise is more attributed to the exhaustion of selling pressure rather than being driven by new demand. Previously, open interest in futures contracts had significantly declined from the May peak, with short-term holders selling at a loss and exchange balances dropping to a seven-year low. This indicates that the market has entered a phase of deleveraging and release of selling pressure. Short-term holders remain broadly at an unrealized loss of approximately 17%–19%, suggesting potential heavy selling pressure above. Currently, Bitcoin is trapped between two key ranges: support at the realized price cycle around $54,000 below, and resistance near $68,000 above, where short-term holders face breakeven pressure. The market exhibits a structure of "pause in selling pressure but unconfirmed buying pressure."