Bitcoin has rebounded, but the most important question right now is not whether it can quickly return to $80,000, but how long this round of buying can last.

According to BiyaPay market data, at the time of writing, BTC was trading at around $77,990 and ETH at around $2,228.

I’m more interested in three questions: Who is buying, are they buying spot or using leverage, and has trading volume remained consistent after the price rise?

First, the rebound may be driven by new buying or by short sellers closing their positions.

Short covering can also push prices higher, but this kind of buying has a caveat: once the positions are closed, the buying pressure may disappear. If no new capital steps in afterward, prices can easily become volatile again. By contrast, if spot trading continues to improve and buyers step in during pullbacks, the rebound is more worth examining closely.

So, a price increase does not immediately mean that “big money has entered across the board.” Spot trading volume, futures open interest, and funding rates should be considered together. This describes an approach to monitoring the market; it does not mean that all these indicators have already improved.

Second, $80,000 is a round-number level that tends to attract attention, but it is not automatically a support or resistance level.

A brief move above a round-number level is not the same as holding above it after a breakout. More meaningful signs of change include whether trading volume keeps pace with a rise and whether selling pressure eases after a pullback. If the price surges quickly and soon gives back its gains, bulls and bears are still battling it out. You can’t declare a trend reversal based on one price level alone.

Third, BTC and ETH should be considered together, but that doesn’t mean they have to move in sync.

Interest in Bitcoin does not mean that capital will immediately spread to all crypto assets. Ethereum still needs support from its own demand, capital flows, and value-capture mechanisms. If BTC stabilizes first while ETH remains weak, it may simply mean that capital is becoming more concentrated. That is not enough to declare that the entire market has entered a broad-based rally.

That’s also why I don’t rely only on gainers and losers lists to gauge market enthusiasm. Trading activity concentrated in a handful of assets is a different market condition from sustained inflows into a broad range of assets.

Cross-market comparisons can also be useful. Movements in tech stocks, the US dollar, and Treasury yields can provide context on risk appetite, but they do not have a fixed one-to-one relationship with BTC. If they rise or fall together on the same day, that is not enough to prove they were driven by the same news; it’s more important to see whether the relationship persists.

For those who research both crypto assets and US stocks, it can be helpful to compare trading channels and fund arrangements together. BiyaPay connects global stock, digital currency, and forex markets through USDT. It supports exchanges between more than 30 fiat currencies and more than 200 digital currencies. Users can trade real US and Hong Kong stocks and other shares with USDT and zero commission, and trade spot and futures with zero fees.

Next, I’ll first watch to see whether spot trading volume is sustained, then check whether leverage is heating up too quickly, and finally look at whether buyers step in after a pullback. Without this evidence, a rebound can simply be a rebound; there’s no need to conclude that “a new rally has already begun.”

Prices can recover quickly, but confidence may not recover just as fast. Rather than guessing the exact bottom, it’s more useful to distinguish a short-term recovery from sustained buying pressure and avoid treating one surge as proof that all risks have disappeared.