Bitcoin is experiencing significant price changes, currently trading at around $109K with a $2.11 trillion market cap. Glassnode's report highlights the impact of strong believers and new buyers on market dynamics, emphasizing the importance of both groups in driving price fluctuations. Conviction buyers stabilize the market during downturns, while first-time buyers inject fresh money, leading to rapid price increases. Emotions still influence trading decisions, with tools like the "FOMOmeter" helping traders navigate market sentiment.