# This month’s Bitcoin rebound, up 10%, didn’t begin with buyers—it began with sellers being liquidated.

When $BTC fell below $58,000 on July 1, more than $1 billion in one-off liquidated leveraged short positions were wiped out.
This passively formed wave of buying pressure is one of the key reasons prices bounced back so quickly; in addition, a weak jobs report made traders bet on the Fed cutting rates earlier.
Right now, Bitcoin trading is almost entirely operating like an interest-rate asset. The move from the peak around $58,000 all the way up to nearly $64,000 has more to do with the sell pressure that got squeezed and with Fed expectations than with anything happening on-chain.
Before assuming that a “green week” implies some fundamental shift, it’s worth remembering this first.