LONDON (IT BOLTWISE) – The Bitcoin liveliness indicator is showing increasing activity, indicating an ongoing bull market. Analysts observe that there is stable demand for Bitcoin despite lower prices, indicating a possible continuation of the market cycle. This development could mark a significant capital rotation in the Bitcoin market.
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The Bitcoin Liveliness Indicator, a technical measure of activity on the blockchain, is currently showing an increase that could indicate an ongoing bull market. Analysts note that this metric has historically correlated with periods of intense market activity. The indicator measures the ratio of transactions to holding activity and increases when more coins are moved than are held.
Technical analyst TXMC explains that the liveliness indicator continues to rise in this cycle despite lower prices. This suggests that there is a stable demand for Bitcoin that is not reflected in the current price movements. This demand could act as a kind of bottom for the Bitcoin price, indicating a possible continuation of the bull market.
Another analyst, James Check, has observed that the liveliness indicator has remained in a tight range since the peak in 2017 until now. The current surge shows that old, previously inactive coins are returning to the market. This return is particularly pronounced in this cycle as transactions are now in the billions of dollars, as opposed to the hundreds or thousands of dollars in 2017.
Bitcoin prices have barely moved over the past 24 hours, although there was a brief dip below $89,000. Analysts such as Michaël van de Poppe believe that a test of the $92,000 level could mean a breakout, while a failure could result in a decline into the low $80,000 area. Nevertheless, Bitcoin is expected to find a bottom soon, which could lead to a strong rally towards the end of the year.
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