Bitcoin has stabilized above $63,000, but analysts say a true reversal may still take several months.

According to Mars Finance, on June 8th, Bitcoin remained above $63,000 on Monday, extending its gains of approximately 4% from Sunday. This rebound is related to Strategy Executive Chairman Michael Saylor's renewed signals of increasing his holdings, which the market generally views as a significant positive factor. Currently, Bitcoin's price is hovering near the key 200-week moving average, a level historically considered a crucial support zone for bull-bear market reversals. Alex Kuptsikevich, Chief Market Analyst at FxPro, stated that the current market sentiment index has dropped to 8, similar to the situation in mid-2022, when downward momentum weakened, but a true trend reversal didn't occur until months later. Regarding Altcoin, Audiera's BEAT token rose 78% in the past 24 hours, and Siren (SIREN) rose 33%. Both are Web3 AI projects on the BNB Chain, but the specific catalysts for their rise remain unclear. Derivatives data shows that Bitcoin futures open interest has fallen from a record high of 901,000 BTC four days ago to 716,000 BTC, indicating that last week's plunge was mainly driven by forced liquidation of long positions rather than large-scale short covering. Ethereum open interest also fell from 15.98 million ETH to 14.58 million ETH. Bitcoin Cash (BCH) saw a simultaneous increase in open interest and price declines, with open interest rising by over 13% in the past 24 hours to 1.64 million BCH, the highest level since July 2023, while the price fell by 8.3% during the same period, indicating that bearish sentiment in the market continues to intensify and there is still a risk of further declines. In terms of volatility, the 30-day annualized implied volatility index BVIV has fallen from a high of nearly 59% last Friday to 50%, indicating that market panic has eased somewhat; Ethereum's implied volatility has also fallen from 75% to 69%. The five most actively traded contracts in the Deribit options market over the past 24 hours were all call options, including a BTC call option with a strike price of $170,000 expiring on December 25th, reflecting that some investors are still betting on a significant Bitcoin rally before the end of the year. However, the market maker Gamma distribution around $60,000 could still amplify price volatility, becoming a major risk factor for the market. Meanwhile, Zcash (ZEC) has rebounded 45% from its lows last week after developers proposed a solution to fix the privacy pool forgery vulnerability. On the other hand, USDT's market capitalization briefly surpassed ETH's after Ethereum briefly fell below $1,600 over the weekend, but the rankings have returned to normal as ETH rebounded. Currently, Bitcoin's market capitalization remains at approximately $1.2 trillion, far exceeding other crypto assets.