Bitcoin Short-Term Market Pressure Index Rises to 16, Exchange Flow Shows No Confirmed Selling Pressure

The Bitcoin short-term market pressure index has risen to 16, marking the second increase in three days, primarily driven by price factors. Price volatility remains high, but the flow of funds on exchanges and derivative leverage data do not indicate an increase in selling pressure, preventing the index from climbing further. On July 28, the index reached 52, entering the 'high' range, and the current increase is about one-third of the previous rise. The pressure index is composed of three components: price pressure, fund flow pressure, and leverage pressure, with price pressure currently being the dominant factor, measuring the extent of price deviation from the average over the past 90 days. Historical data shows that the index only rises above 50 when there is a significant increase in fund flow pressure on exchanges. Analysts point out that if fund flow pressure remains low, the index is unlikely to break through 40, with the key being whether fund flow pressure increases when price pressure is high.