The amount of Bitcoin held by short-term investors has increased significantly, with 559,000 more Bitcoin now in their hands, indicating a surge in new buyers entering the market.

Bitcoin's Current Trajectory

Bitcoin is at a critical juncture, poised for a decisive move that will dictate its short-term direction. After recent volatility and record highs, BTC faces a test: either resume its upward trend and reach new highs, or consolidate around current levels. The market is delicately balanced, with traders carefully observing for signs of future movement.

New Investor Influx

Onchain data reveals a significant increase in new Bitcoin buyers, signaling renewed bullish momentum. The supply held by short-term holders has grown substantially, indicating a new wave of investors entering the market. This influx often precedes bullish expansions and demonstrates increasing confidence in Bitcoin’s value proposition.

Support and Future Outlook

Bitcoin is currently trading near $122,600, exhibiting resilience after a recent pullback. Key support levels, such as the $117,500 mark, are being closely watched, and a rebound above $124,500 could trigger a renewed push towards previous highs. The overall trend remains bullish, suggesting a potential for further price discovery.