Analysis: The current market rebound is driven by spot markets, but speculative positions may be short-term or overly concentrated

BlockBeats News, January 8th, CryptoQuant analyst @AxelAdlerJr published a report pointing out that the Bitcoin market has exited the deleveraging phase from December and entered a phase of mild expansion. The positive Composite Z-Score indicator confirms the return of market optimism, but the negative divergence indicates that the current uptrend is led by the spot market rather than the leveraged market.

This structurally healthy dynamic reduces the risk of cascading liquidations. The price holding above the current level and the slow, non-explosive growth of open interest are key factors driving the continued uptrend. The main risk is that the divergence indicator sharply reverses to a positive value without price support, which may indicate an over-accumulation of speculative positions.