As $BTC rebounds, short-term holders are starting to cash out.

On-chain data shows a clear shift: recent buyers who were sitting in losses are now using the bounce to take profits. This behavior usually appears during relief rallies, when liquidity returns briefly but conviction remains weak.

Historically, these profit-taking phases tend to cool momentum rather than fuel a strong continuation. It suggests the current move looks more like a tactical bounce than a confirmed trend reversal, patience still matters here.