Analysis: The current market rebound is driven by spot trading, but speculative positions may be excessively accumulated in the short term.

BlockBeats News, January 8, CryptoQuant analyst @AxelAdlerJr published a report stating that the bitcoin market has exited the deleveraging phase of December and entered a moderate expansion phase. The positive composite Z-Score indicator confirms the return of bullish market sentiment, but negative divergence indicates that the current rally is being driven by the spot market rather than the leveraged market.

This structurally healthy dynamic reduces the risk of cascading liquidations. The price holding above current levels, along with a slow rather than explosive growth in open interest, are the main factors sustaining the rally. The primary risk lies in the divergence indicator sharply reversing into positive territory without price support, which could indicate an excessive accumulation of speculative positions.