According to online reports, Bitfinex Alpha's latest report pointed out that Bitcoin continues to show excellent resilience and structural strength, rising steadily since recovering a low of $92,000 at the end of April. This round of gains is clearly driven by the spot market, characterized by impulsive gains after a short and clear consolidation period. This pattern suggests that the market is accumulating healthily, with strong underlying demand rather than excessive speculation. Cumulative spot volume increases on major exchanges have remained positive, reinforcing the view that the market is dominated by real buyers rather than leveraged traders. At the same time, derivatives positions have been passive, with fluctuations in open interest highlighting a transition period characterized by short rolling and liquidation-driven resets. The result is a healthier market foundation, a clearer speculative bubble, and real capital flows support market momentum. Analysts believe that since Bitcoin has just hit an all-time high and the spot premium continues to be high, the current range fluctuations may be just a period of stability before a potential breakthrough. Although the possibility of a short-term correction still exists, the overall trend remains firm and positive.