2023-06-02 03:55:38 ET
On-chain data shows
Bitcoin (BTC)
trades gradually transferring assets from experienced longer-term players to new market participants. That shows a transitioning market cycle. Glassnode confirmed that this is a common tendency amidst cycle inflection points.
Upcoming a bull market?
HODL Waves displays the amount of circulating Bitcoin supply categorized into varying age bands. That shows how different cohorts interact with their stash. Meanwhile, the
cryptocurrency
community believes a bull market could be underway.
Glassnode’s chart demonstrates that the one-day to three-month band saw a remarkable upsurge, increasing by 86% to current levels of 21.4% from 11.5%.
Meanwhile, analysts trust downtrends will emerge on the one-year HOLD wave. Such developments will trigger surges in the bellwether crypto. New participants mean new demand in the market. Moreover, investors that bought at lower prices begin selling their assets at a higher cost.
Furthermore, Bitcoin has climbed past several crucial long-term signals. While writing these lines, the asset trades beyond the 200-week MA ($25,818). This moving average represents a historical support level, which BTC breached during the December cycle low.
Also, Bitcoin wavers above its $19,914 realized price. That indicates the value of circulating tokens at the cost of their last movement. Also, it approximates the price that all participants paid for the cryptocurrency.
Bitcoin price
Meanwhile, Bitcoin price continues to consolidate. The leading crypto saw a marginal surge over the past day as the market remained sideways. It traded at $27,100.21 at press time, reflecting a more than 1% increase over the past day.
Bulls should push past the $28K resistance to trigger solid uptrends. The current support stands at around $26.5K.
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Bitcoin (BTC) HODL wave highlights market cycle transition – details
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