Bitcoin rebounds to $65,000 as long-term and short-term holders sell on the rally

According to CoinDesk, the U.S. Consumer Price Index (CPI) rose 3.5% year-on-year in June, lower than the expected 3.8%. Bitcoin’s price rebounded to nearly $65,000. On-chain data shows that long-term holders (holding for over 5 months) reduced their positions at a loss, while short-term holders took profits at a pace of over $4 million per day. Analysts pointed out that this simultaneous selling created supply pressure above as the market attempted a breakout. Some observers questioned the sustainability of the rebound, believing that the June CPI cooldown was mainly driven by declining gasoline prices, and that the recent rebound in oil prices has reduced the reference value of the data.