Frankly, I have no idea why that is the case. Touching the two separate bands on the opposite side vs joining them by that seam. I am no engineer, so I am far from an expert on this. But, this would be my best guess( out of the blue, etc). As we all know and has been pointed out, how can stainless steel be the antenna while at the same time, it disturbs the signals( why the original iPhone and iPad 3G has that black strip). What I think Apple engineers did was take that physics and used it for their advantage. Where the whole outer band absorbs the signals and some how directs them to the main antennas.
And as pointed out in step 12 of iFixit's iPhone 4 teardown, the cell antenna at least( they never pointed out the WiFi/GPS/BT antenna) is where the left seam is. So the interference is the strongest there causing the issue. Where touching it on the opposite sides doesn't cause much of an issue because you're not near the actual antenna.
Thinking of this guess, maybe it isn't a bridging problem. It's just you're blocking the actual antenna from getting the signal. This could explain why the problem still happens even with WiFi/BT/GPS all turned off. Again, I have no idea how Apple engineered the iPhone and antenna system nor am I an engineer at all myself. So I can very well be 100% wrong.
I tried that and it doesn't affect WiFi or cell reception. Even when I am far away from the router( using the theory of the issue is only present when the signal isn't that great).