Bitcoin
surged previous $124,000, setting its fourth all-time excessive of 2025.
On-chain knowledge from Glassnode suggests this might mark the early phases of a continued bull market.
A key metric underpinning this view is the realized worth, which measures the overall worth of all bitcoins on the worth they have been final moved on-chain, divided by the variety of cash in circulation. This metric at $51,888 has now climbed above bitcoin’s 200-week shifting common (200WMA), a long-term trendline typically seen as a dividing line between bear and bull markets.
Historical past exhibits that when the realized worth strikes above the 200WMA and continues larger, because it did within the 2017 and 2021 cycles, the uptrend is sustained for an extended time. The 200WMA at the moment stands at $51,344, appearing as a long-term help degree that has traditionally outlined the ground throughout bear markets.
This degree has solely been breached in periods of maximum market stress. The latest instance got here on the finish of the 2022 bear market, when bitcoin fell sharply amid the FTX collapse. The realized worth dropped under the 200WMA in June 2022 and remained there for practically three years earlier than reclaiming it in 2025.
Breaking again above the 200WMA is critical, because it signifies renewed investor confidence and a shift in market construction.
If historic patterns maintain, this technical improvement might be the precursor to a sustained rally. With macroeconomic circumstances and institutional curiosity aligning, Bitcoin’s latest worth motion will be the opening chapter of its subsequent main progress part.
Learn extra: Who Is Cashing Out of Bitcoin at File Highs Above $120K?