[CryptoQuant: Bitcoin Rebound Still a Bear Market Recovery, Not a Trend Reversal] According to The Block, CryptoQuant analysis indicates that Bitcoin's recent rebound should be viewed as a recovery within a bear market rather than a trend reversal. Bitcoin has rebounded approximately 10% from last week's bear market low of $57,700 to around $63,000, reclaiming the critical support level of $60,000. Seasonal factors in July and improved demand have jointly supported this rebound, with July rebounds of approximately 20% and 17% observed during the bear markets of 2018 and 2022, respectively. Bitcoin's 30-day total demand has recovered from the contraction of around 650,000 BTC in early June to near neutral levels, while the Coinbase Premium Index has risen from deep negative values in early June to -0.062.