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According to The Block, CryptoQuant analysis suggests that the recent rebound of Bitcoin is a repair in a bear market rather than a trend reversal. Bitcoin rebounded about 10% from last week's bear market low of $57700 to around $63000, recovering key support at $60000. Seasonal factors and improved demand in July supported this rebound, with a rebound of approximately 20% and 17% in July during bear markets in 2018 and 2022, respectively. On the 30th, the total demand for Bitcoin recovered to near neutrality from a contraction of approximately 650000 BTC in early June, and the Coinbase premium index rebounded from a deep negative value in early June to -0.062.