Bitcoin temporarily rebounded to the $70,000 mark, indicating a potential stabilization after recent market crashes. However, on-chain data shows the market remains under pressure, with a loss of $611 million this week, surpassing the $346 million in profits, resulting in a net loss of $264 million. Analysts point out that although extreme sell-offs have eased, the market remains fragile, partly because short-term holders currently control 22% of the Bitcoin supply, up from 12% at the beginning of 2023. Meanwhile, the negative funding rate on Bitcoin perpetual futures suggests that the current price may have bottomed out and is rebounding.