Bitcoin briefly broke through the $97,000 mark on January 15th, and an interesting event occurred—more than 40,000 profitable Bitcoins were transferred to major exchanges.

From on-chain data, this reflects the true psychology of short-term holders (STH). Although the price breaking new highs looks impressive, this group of short-term participants doesn't seem to be convinced. Why? It's simple—the recent correction has left them feeling uneasy. They need to see stronger confirmation signals of further upward movement and larger unrealized profit margins to dispel the idea of selling off.

In other words, although this rebound is quite momentum, it hasn't reached a level that truly reassures short-term holders to hold their positions. The pressure to take profits still exists in the market, and to further stabilize, a more convincing upward trend may be necessary. Whether this momentum can be sustained in the short term depends on whether the subsequent energy can be maintained.