Bitcoin
rose past $ 124,000 and set its fourth height of all the time on 2025.
On-Chain data from Glassnode suggests this could mark the early stages of a continued bull market.
A key metrics that support this view is the realized price that measures the total value of all Bitcoins at the price they were last moved on the chain, divided by the number of coins in circulation. This metrically to $ 51,888 has now risen over Bitcoin’s 200-Weeks Sliding Average (200WMA)A long -term trendline, often seen as a dividing line between bear and bull markets.
History shows that as the realized award moves over 200WMA and continues higher, as it did in 2017 and 2021 cycles, Uptrend is maintained for a longer period. 200WMA is currently at $ 51,344 and acts as a long -term level of support that has historically defined the floor under the bear markets.
This level has only been broken during periods of extreme market stress. The latest example came at the end of 2022 the bear market when Bitcoin fell sharply in the middle of the FTX cohabitation. The realized award fell under 200WMA in June 2022 and remained there for almost three years before recovering it in 2025.
Breaking back over 200WMA is significant as it indicates renewed investor confidence and a shift in market structure.
If historical patterns hold, this technical development may be the precursor to a sustained rally. With macroeconomic conditions and institutional interest in adapting to Bitcoin’s recent price action may be the opening chapter in its next major growth phase.
Read more: Who trains out of Bitcoin to record highs over $ 120,000?
