BlockBeats News, June 8th. Over the weekend, Bitcoin rebounded by about 7.5% from a low of $59,400, briefly rising above $63,800 on Monday. This rebound triggered a massive short squeeze, with data from CoinGlass showing that the cryptocurrency market saw $539 million in short liquidations in just one day on Sunday, reaching the highest level since mid-April. In the past 24 hours, the total liquidation amount across the market exceeded $588 million, with approximately $444 million coming from short positions.

Statistics indicate that the total open interest of Bitcoin futures contracts has dropped from around 285,000 BTC last Friday to 255,000 BTC, suggesting that this uptrend was mainly driven by short liquidations. At the same time, the Spot and Perpetual Contract Volume Delta (CVD) has rebounded from the low point, indicating an improvement in market buying pressure.

However, demand from U.S. investors has not yet shown a clear recovery. The Coinbase Premium Index, which measures U.S. fund flows, has risen from -0.048 last week to -0.035 but remains in negative territory. Additionally, according to SoSoValue data, U.S. spot Bitcoin ETFs saw net outflows of $1.72 billion last week, reflecting continued institutional outflows.

In terms of market sentiment, the cryptocurrency fear and greed index has dropped to 8, the lowest level since February 2026. Current predictions from Myriad market participants show a 73% probability of Bitcoin testing $55,000, higher than the expectation of rising to $85,000.

Paul Howard, Senior Director at Wincent, stated that the current CME Bitcoin volatility is around 50, a level seen only a few times in the past year, so he remains cautious about whether this rebound can be sustained.

Adam Haeems, Head of Asset Management at Tesseract Group, pointed out that the U.S. spot Bitcoin ETF has seen outflows for 13 consecutive trading days, with a total amount of around $4.4 billion. Meanwhile, strong U.S. non-farm payroll data has led the market to reconsider rate hike expectations, with funds flowing into AI stocks and large IPO projects. He believes that this current rally is more of a technical rebound near a key long-term support level, rather than a confirmed trend reversal.