According to crypto analytics firm Glassnode, Bitcoin’s price has surged by a staggering 656% during this current market cycle. This impressive rise follows similar patterns seen in the past two cycles. During the period from 2015 to 2018, Bitcoin gained 1076%, and then increased another 1007% from 2018 to 2022. This current cycle began in 2022 and continues today. Notably, despite Bitcoin’s significantly larger market cap today at $2.08 trillion, its performance during this current cycle is remarkably similar to previous ones, suggesting sustained investor appetite. 📈
Glassnode highlights that the current Bitcoin cycle showcases a unique duality: elevated long-term holder (LTH) spending volumes are accompanied by an even greater volume of coins aging into maturity and entering a longer-term holding cohort. ⏳ This phenomenon creates a new market structure with LTH wealth appearing significantly more sticky than in previous cycles. The rise is driven partly by the influx of U.S. spot Bitcoin ETFs, growing institutional involvement, and increased participation from long-term investors.
Key levels for Bitcoin traders to watch:
– After hitting a low of $100,377 on June 5, demand resurfaced at this level. Bitcoin rallied to a high of $110,651 on June 9 before profit-taking ensued. The price then fell to a low of $102,746 on Friday and rebounded.
– Currently, BTC is up 0.33% in the previous 24 hours at $105,061. Holding above the crucial psychological level of $100,000 indicates investor confidence remains strong.
– Resistance at $115,400 and support at the $97,600 level based on short-term holder cost basis are key levels to watch.
– The range of $92,900 to $95,400 appears crucial for sustaining local momentum, while the $81,700 level may serve as a lower bound consistent with broader bull market conditions.