After a 10% price correction, Bitcoin has rebounded to $63,000, demonstrating market resilience amid lighter trading volumes, according to Glassnode's latest report.

Short-Term Holders' Influence on Market Dynamics

Short-term holders play a crucial role in defining local price action. The spot price has accelerated above and reclaimed the STH cost-basis of $62,500, indicating constructive market sentiment. However, failure to maintain this level could pressure recent buyers under the challenging conditions of the past months.

Macro Outlook and Key Pricing Levels

On a broader scale, the True Market Mean and Active Investor Price provide insights into the average cost basis for active investors. The spot price has remained above these levels, suggesting strong demand support during drawdowns. The URPD metric further indicates that small price fluctuations can significantly impact investor profitability.

Futures Market Speculation and Volatility

Despite a reduction in long-biased speculation, the futures market shows increasing interest. During the recent rally, $2.5 billion in futures open interest was closed, indicating a rise in volatility. The market remains vulnerable to significant price swings due to potential deleveraging and liquidations.

The near-term future of the Bitcoin market hinges on maintaining the STH cost basis. While Short-Term Holders show strength, the growing speculation in futures markets points to potential volatility in the coming months.