[Analyst: Bitcoin Faces Pressure Twice in Three Days, Driven Solely by Price, Exchange Flow Does Not Confirm Sell Pressure] CryptoQuant analyst Axel Adler Jr. stated that Bitcoin's short-term market pressure index rose to 16, marking its second rebound in three days. However, the index's increase is almost entirely driven by price factors—specifically, significant price volatility during declines—while exchange fund flows and derivatives leverage data do not simultaneously indicate a rise in sell pressure. As a result, the index has not climbed further. On July 28, the index reached 52, entering the 'elevated' range, but the current increase is only about one-third of the previous level. The pressure index is composed of three components: price pressure, fund flow pressure, and leverage pressure. Currently, price pressure is the dominant factor, measuring the degree of deviation from the 90-day average price. Historical data shows that the index only rises above 50 when exchange fund flow pressure (i.e., a large influx of Bitcoin into exchanges) is added.