Bitcoin Rebounds to $62,700 on June 8 as Analyst Calls Week's Rally a 'Deleveraging Bounce'

According to analyst Axel Adler Jr., Bitcoin rebounded to $62,700 on June 8 after falling to $60,500 on June 5 during the month's heaviest sell-off. The recovery marked a 3.7% gain driven by $94 million in net buy-side order flow over June 7-8.

However, derivative markets showed mixed signals. Bitcoin futures open interest declined 6% from $1.65 billion to $1.55 billion despite the price recovery, while funding rates remained positive at 0.001%-0.020%. Axel concluded the rally represents a "deleveraging bounce rather than a trend reversal," as old leveraged positions closed without new longs replacing them.