Bitcoin has stayed above the $61k level on the monthly chart for multiple months since March, bolstering long-term investor confidence.
The Mean Dollar Invested Age began to fall in November 2023, as prices increased rapidly, and has stabilized its trend since March.The influx of institutional demand has likely been one of the major factors that explained why Bitcoin hovered around the previous cycle ATHs.was in a downtrend on the weekly chart but an uptrend on the monthly chart. It has consolidated within the $50k-$70k region since March.
While traders and investors might be frustrated with the lack of movement, BTC remained extremely bullish on the higher timeframes. Even the halving event and numerous FUD events across the market were not enough to push the king of crypto off its perch.In terms of pure percentage gains, earlier Bitcoin cycles were stronger. Yet, this run has something that has not happened before. During the 2024 BTC halving event in April, the price was above the $61k mark.
It has traded at or very close to the previous cycle’s ATH during and after the halving event. During the 2020 cycle’s halving, BTC prices were close to 60% down from ATH, compared to roughly 10% this cycle.The 30-day simple moving average of the NVT golden cross was at -0.14. Generally, values above 2.2 indicate a cycle top, and below -1 a possible bottom. Hence, the Bitcoin bull run has a long way to go.The Mean Dollar Invested Age began to fall in November 2023, as prices increased rapidly.
The mean coin age began to slowly trend higher after the sharp drop in February and March, as the quick price gains led to profit-taking activity and selling pressure.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
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