#Gate广场四月发帖挑战 Bitcoin rebounds to $71k. Why are profit-taking traders not rushing to close their positions? An analyst's one sentence enlightens the bears!

Bitcoin rebounds to $71k, and profit-taking traders are not in a hurry to close their positions! Analyst: Short positions should not be overly stubborn
Recently, Bitcoin's price has rebounded again to the $71k to $72k range, but on-chain data shows features different from previous rebounds.
According to on-chain analyst Murphy, during this rebound, the average realized profit over the past 24 hours is only about $18.79 million, far below the large-scale profit-taking seen in previous rebounds. Meanwhile, the average realized loss for short-term holders is only about $6.06 million, which is at a very low level recently.
These two data points send an important signal: market sentiment is gradually stabilizing.
Compared to the extreme pessimism in February this year, investor sentiment has clearly improved. Against the backdrop of price rebounds, profit-taking is no longer eager to realize gains, and loss positions are also reluctant to cut losses easily. This "cherishing sales" mentality reflects the market's expectation of further higher rebound potential.
Murphy specifically reminds short-sellers: do not be overly stubborn. Although technical indicators show signs of overbought conditions and divergence correction, on-chain behavior suggests that short-term shorting opportunities are quite limited.
He recommends that at this point, caution must be maintained, and traders should avoid overcommitting. Market structure is changing, and investors need to adjust their previously bearish strategies and rationally view the changes in capital behavior during the rebound.
Overall, on-chain data indicates that the internal support strength of this rebound is stronger than in previous instances. The market is emerging from extreme pessimism and rebuilding confidence. For ordinary investors, patiently observing capital movements is more important than frequent trading.