Bitcoin's on-chain metrics are signaling a potential short-term rebound, with the cryptocurrency possibly moving toward $120,000. The 60-day Buy/Sell Pressure Delta has entered an opportunity zone, suggesting reduced sell pressure as the number of sending addresses declines. Additionally, the Coinbase Premium Index has increased to approximately 0.041, reflecting stronger demand from U.S. investors and potential institutional interest. These indicators point to a favorable environment for Bitcoin's price momentum if current trends persist.