Bitcoin, also known as BTC, has been approaching its historical peak amidst heightened expectations and fear, despite a decline in trading volume. Data indicates that the seven-day trading volume of BTC has fallen below $14 billion, reminiscent of levels seen in 2023 when Bitcoin traded under $30,000. The positive aspect of this decline lies in the increasing tendency of more addresses to retain their BTC holdings. Currently, BTC is valued at $68,899.70, reflecting a 2.14% rise in the past 24 hours. The MVRV ratio of Bitcoin has surged, signifying that a majority of Bitcoin holders have accrued profits recently. The rise in profitability may lead to a scenario where more investors decide to sell their BTC, potentially causing a dip in its price. However, there has been an uptick in the Long/Short difference for BTC, hinting at a substantial increase in long-term BTC investors in recent days. Long-term holders often demonstrate resilience amid significant price fluctuations, reducing the likelihood of selling their tokens. Another metric to gauge interest in Bitcoin is the number of active addresses on the network, which has notably dwindled over the past weeks, as per insights from the cryptocurrency analytics firm Santiment. The decline in NFT sector activity could be a contributing factor to this trend. Notably, NFT sales, buyers, and sellers have all witnessed a decline recently, with Crypto Slam's sales volume plummeting by 75.36% and the total NFT transactions on the network dropping by 60%. A continued decrease in network activity could impact miner revenue adversely. Bitcoin miners have observed a sharp decline in daily revenue in recent days, potentially leading them to liquidate their tokens to maintain profitability, thereby exerting downward pressure on BTC's price.