Bitcoin is currently trading at $58,650.75 as of 16/09/2024. Despite falling 2.56% in the past 24 hours, it has recovered 7.09% over the past week. The market sentiment is mixed.

On-chain data such as falling exchange reserves, low Binary CDD, and miner holding behavior suggest positive signals for long-term investors. However, high exchange inflows and profit-taking via aSOPR warn that some traders are realizing profits.

US investors buy at higher prices, but institutional buying pressure is weak. Interest from Korean retail is high, which may lead to speculative buying. Derivatives data shows that the long-term sentiment is dominant, with open interest rising.

Technical indicators such as the Stochastic Oscillator indicate a possible short-term price correction. Overall, the market is cautiously optimistic with some short-term correction risks, while long-term investors remain confident.