Bitcoin Rebounds From $60,000 but Selling Pressure Lingers as SpaceX IPO Shakes Risk Appetite

Odaily Planet Daily reports that CryptoQuant analyst Axel Adler Jr. said this week's market action was heavily influenced by SpaceX's large-scale IPO, which sparked cross-asset risk concerns. While broad risk-appetite gauges are still outside their normal range, sentiment has eased some of the pressure. Bitcoin has entered a recovery phase after bottoming near $60,000, but structural selling remains. Exchange data shows roughly 20,900 BTC in net outflows this week, suggesting the overhang from selling has yet to fully clear. The near-term bounce is largely attributed to short covering, as the short positions accumulated over the past month are being unwound in bulk, offering temporary support to prices. Miner-related selling pressure is also starting to surface. Overall, risk appetite has not decisively turned positive. The market is still in transition, with recovery unfolding alongside ongoing deleveraging.