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Bitcoin's high premium index has remained in a sluggish state, which directly indicates that the market's upward movement lacks genuine support. In this context, any rebound rally appears weak and unsustainable.
To see a truly stable upward trend in Bitcoin prices, the key still depends on the performance of the US spot market. As long as the spot trading volume and demand in the US region do not reverse, the upward trend will lack strong momentum. In other words, without real cash-backed spot buying support, even the most attractive rebounds can easily dissipate.
Therefore, the current focus is on one thing—when will US spot demand and trading volume regain strength? This is the critical turning point for Bitcoin to break free from repeated oscillations.