CEX Alpha Report: BTC is approaching a local bottom and has the foundation to enter a stabilization phase.

[CEX Alpha Report: BTC is Approaching a Local Bottom and has the Foundation to Enter a Stabilization Phase] The latest report from CEX Alpha points out that Bitcoin experienced a significant rebound last week, rising over 15% from recent lows to reach $93,116. However, selling pressure still exists, and Bitcoin immediately fell by 4.1% after the market opened this week. From a timing perspective, the market is approaching a local bottom, although whether the price has hit the bottom remains to be seen. However, given the significant decrease in leverage, short-term holders are selling off, and there are signs that selling power is exhausted, the market now has the foundation to enter a stabilization phase. Additionally, as spot prices rise, the continuous contraction of open contracts indicates short positions are being covered rather than new speculative risks being undertaken, which may establish a sustained recovery foundation in the fourth quarter.