Bitcoin's price has experienced significant volatility, trading between $60,000 and $70,000 following an early February crash. Despite a recent rebound to $74,000, prices retraced to around $68,000. Amid this choppiness, on-chain data indicates a calm demeanor among Bitcoin's long-term holders (LTHs).
LTHs, defined as entities holding Bitcoin for over 155 days, are considered strategic investors making decisions based on conviction rather than short-term price movements. Analyst Darkfost reports that LTH activity, measured by the Coin Value Days Destroyed (CVDD) metric, remains at levels consistent with a bear market. This suggests LTHs are largely holding their assets rather than redistributing them.
Currently, Bitcoin trades around $67,289, with a notable decrease in daily trading volume. Market sentiment shows caution, with the Fear & Greed index at 12, indicating extreme greed. Despite a generally bearish short-term outlook, some analysts predict a potential rise in Bitcoin's price over the coming month.