Analysis: BTC rebound lacks conviction, led by spot and short-covering

Bitcoin has rebounded to the $68,000 level amid falling oil prices, but the rally's momentum is limited, according to an analysis by CoinDesk. The outlet reported that while futures trading volume has increased, open interest has stagnated, suggesting the rebound is driven by spot demand and short-covering rather than leverage-based buying. In the options market, demand for downside protection persists, indicating that bearish sentiment remains. The market is reportedly wary that a rebound without an influx of leverage may be unsustainable and is guarding against a potential correction if the macroeconomic environment changes.