Bitcoin has risen approximately 20% since November 21, with the price approaching the 365-day moving average at $101,000. However, market sentiment is not optimistic—this seems more like a rebound in a bear market rather than a trend reversal.

Data suggests that demand remains under pressure: 30-day spot demand has shrunk by 67,000 BTC, and the US spot ETF has net sold 54,000 BTC. More notably, exchange inflows over the past 7 days reached 39,000 BTC, a typical bear market signal—large amounts of funds are moving to exchanges, usually indicating that someone wants to sell. Overall, weak demand for BTC has become a fact, and how far the price can rebound remains to be seen.