This morning, the crypto market experienced a rapid recovery. The funding rate indicates a prevailing bearish sentiment, and data reveals that "overhead supply" holders are still hodling under duress.

BlockBeats News, February 25th, according to HTX market data, Bitcoin quickly surged this morning, rising 3% in 15 minutes, breaking through $66,000; Ethereum also surged past $1,900; SOL surged past $80.

According to Coinglass data, as of the time of writing, a total of $129 million was liquidated across the network in the past 4 hours, with long liquidations accounting for only $4.73 million and short liquidations for $125 million. Although Bitcoin and Ethereum funding rates have returned to positive territory (still skewed to the short side) after the market rebound, current mainstream CEX and DEX funding rates indicate that the market is still bearish, as most altcoins are still experiencing negative funding rates.

Coinbase Institutional, serving institutions, earlier today released a report stating that Bitcoin has support at $60,000, with strong resistance above at $82,000. Due to the concentration of the negative gamma in the $60,000 to $70,000 range and the positive gamma concentrated above $85,000 and $90,000, if Bitcoin were to rise to $90,000, it might enter a consolidation phase, while dropping to $60,000 could accelerate the decline.

Independent market analyst Axel stated that the "Bitcoin Realized Cap HODL Waves" data shows that the current market's supply is diminishing, but capital has not yet returned. The largest holder group consists of addresses that bought near the peak and are currently at a loss, with the trapped chips forced to become "committed holders," while also lacking new capital inflows. As long as these two conditions are met simultaneously, the market remains in defense mode.

According to Polymarket data, the probability of Bitcoin reaching $68,000 between February 23rd and March 1st has increased to 65%.