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Bitcoin rebound draws mixed caution as retail turns bullish again

Bitcoin rebound draws mixed caution as retail turns bullish again

Santiment said traders have repeatedly flipped from bearish to bullish as Bitcoin neared $64,100, while Glassnode and CryptoQuant said the rally still lacks clear demand confirmation.

BTC

Fact Check
Three independent secondary sources (CoinPost, BlockBeats, PANews), all dated 2026-08-06, corroborate every specific detail in the claim: the $64,600 rebound level, the demand/issuance ratio of -5.43, the coin-age net flow of -85,500 BTC, the attribution to CryptoQuant analyst Axel Adler Jr., and the interpretation that the move is supported by tightening liquid supply and accumulation rather than fresh buying. The original Axel Adler X post could not be directly retrieved (404), but the consistency across multiple independent outlets provides strong support.
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Summary

Bitcoin's rebound has drawn renewed caution from analysts even as retail traders have turned bullish again near $64,100. Santiment said crypto traders shifted from bearish in early June to bullish in mid-June and are now once again expecting higher prices, a pattern it views as a contrarian signal because crowded trades often form after a move is already underway. That warning echoes earlier comments from CryptoQuant analyst Axel Adler Jr., who said a rebound to $64,600 still lacked fresh-demand confirmation: the demand/issuance ratio was -5.43 and coin-age net flow was -85,500 BTC, suggesting the move was being driven by shrinking liquid supply, coin aging, long-term holder accumulation and reluctance to sell rather than new buying. Glassnode also said earlier in the week that the recovery still looked more like consolidation, citing easing spot selling pressure, ETF outflows, low volumes and a fresh inflow of hot money. Bitcoin was trading at $62,600 at publication, down 1.1% on the day but up 6.7% on the week, according to Bitcoin Foundation data.

Terms & Concepts
  • Demand/issuance ratio: A metric that compares new demand with newly issued supply.
  • Coin-age net flow: A measure of coins moving into older holding categories.
  • Liquid supply: Coins readily available to trade or sell.