According to CoinMeta, analyst Axel Adler Jr stated that Bitcoin has rebounded to $64,600, but the demand/supply ratio is -5.43, and the net flow of coin age is -85,500 BTC. Neither indicator confirms an influx of new demand. The demand/supply ratio has been below zero for about five months, and a negative net flow of coin age indicates that 85,500 BTC have been transferred into the category of held for over a year in the past 30 days, resulting in a continuous contraction of liquidity supply. The current rebound is supported by the contraction of liquidity supply and accumulation behavior, rather than new demand. A true recovery can only be confirmed when the demand/supply ratio remains above 1.