Golden Finance reported that on January 20, Bitfinex released a report stating that Bitcoin staged a significant rebound last week, climbing back to over $100,000 after briefly falling to a low of $89,698. A fall below $90,000 triggered massive liquidations, with $818 million in liquidations recorded on January 13, including $592 million in long positions. Short-term holders, with an average cost of $88,400, played a crucial role in supporting the price during this pullback. Historically, short-term holders' cost basis has tended to act as a reliable level of support, and last week's low came very close to that level, triggering the rally. However, if the price falls below the cost basis of short-term holders, it could create pressure and trigger further selling. The rally was largely driven by aggressive spot buying, as shown by the sharp rise in incremental spot volume. This indicator shows significant buying pressure, especially on stateside trading platforms. The buying pattern is similar to activity seen in previous MicroStrategy and ETF purchases, further reinforcing the view that institutional demand remains strong. However, last week's spot buying pressure may take some time to replenish buying, possibly triggering a brief pullback before the upward momentum resumes. Bitcoin’s resilience and continued demand keep it strong in the medium term.