According to TechFlow, on August 6, according to The Block, Coinbase analyst David Duong pointed out that the cryptocurrency market is experiencing a mild rebound and short squeeze may occur in the short term. In the past 24 hours, the global cryptocurrency market value has increased by more than 5% to 2.04 trillion US dollars. Duong emphasized that the current market correction does not mean the beginning of a new long-term trend, but is consistent with its defensive strategy for the third quarter of 2024, and more positive market performance is expected in the fourth quarter.

Duong said that market conditions on Tuesday showed the potential for a short squeeze amid increased buying activity on centralized exchanges. He noted that while market sentiment remains nervous, a rebound is possible in the short term. According to Coinglass data, liquidations over the past 24 hours showed that long and short positions were almost even. In addition, despite a slight recovery in the market, Bitcoin futures funding rates remained negative over the past 24 hours, indicating that traders' expectations for a drop in Bitcoin prices remain strong.