Bitcoin is at the crossroads, where will it head next?

Long-term Bitcoin amid the recent uncertainties surrounding the crypto market due to the SEC's lawsuit and the FOMC's announcement [BTC] holders continued to show unwavering faith in BTC, unaffected by the recent market volatility.
According to data from Glassnode, spending on mature long-held coins has remained relatively dormant compared to typical levels even amid significant year-to-date (YTD) price fluctuations. This showed that long-term holders remained stable, not succumbing to panic selling or over-trading.
Also, the press time level of Binary Bitcoin Coin Day Destruction, a metric linked to the movement and spending of the king coin, remained relatively low compared to the significant levels observed during the 2021 bull market.
This has highlighted the patience and confidence of long-term holders by showing relatively less activity in terms of Bitcoin spending lately.
Along with the increasing positive sentiment exhibited by long-term holders, retail investors have also started showing interest in the king coin. According to data from Glassnode, the number of addresses holding more than 1 coin reached an all-time high of 4,394.881.
Alongside retail investors, whales are reentering the Bitcoin market. The number of addresses holding more than 1 BTC has followed an upward trend over the past week. This renewed interest from large-scale investors has further strengthened the idea that Bitcoin continues to attract the attention and trust of various market participants.
Bitcoin's investor behavior
Open Interest for BTC is also on the rise, indicating increased market participation and activity. The put-to-call ratio of 0.49 at press time reflected an optimistic mood among traders. This sentiment is reinforced by the belief that press-time market conditions are favorable for Bitcoin's future growth.
BTC, which was traded at $ 26,506 at the time of writing the article, experienced a significant recovery after the correction in the previous week. In addition to the recovery in prices, the MVRV rate of BTC also increased during this period. This indicates that some owners may soon begin to feel selling pressure.
In addition, the decrease in the Long/Short spread indicates an increasing number of short-term addresses holding Bitcoin, which may be more inclined to sell their holdings once they become profitable.
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