Despite the current bouts of market consolidation, the amount of bitcoin last active in the past two to three years has registered a 2-year high at 2.848 million BTC. This demonstrates that the holders of BTC are confident in the cryptocurrency's long-term potential. The uptick suggests that more investors are holding onto their tokens for investment purposes, instead of selling immediately.

Data also reveals a bullish tendency among long-term holders of BTC, as evidenced by the low on-chain activity recorded on the cryptocurrency's binary CDD indicator. This activity points to a valuable asset in the hands of confident investors, likely to use the cryptocurrency as an investment vessel.

After a week of bearish trading, bitcoin is now looking to climb back up above the vital $29,000 price mark. However, bulls will need to overcome support thresholds at $27,500 and $28,100 before attempting a breakout.

Overall, the data indicates bitcoin will remain in a consolidating market for the near future, but despite the current market conditions, BTC holders are optimistic about the token's long-term capabilities.



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