Deep Tide TechFlow update: On July 17, according to CoinDesk, Bitcoin rebounded to nearly $65,000 after the U.S. June Consumer Price Index rose 3.5% year over year, below expectations of 3.8%. However, on-chain data shows that two types of investors are selling into strength: long-term holders holding for more than 5 months are reducing positions while in losses, while short-term holders are taking profit at a pace of more than $4 million per day.

Analysts noted that this synchronized selling could create overhead supply pressure as the market attempts to break through, reflecting a lack of confidence among long-term holders that are still underwater. Some observers have questioned whether the rebound is sustainable, arguing that the cooling of June CPI was mainly driven by falling gasoline prices, and that the recent rebound in oil prices has reduced the relevance of this data.