Bitcoin [BTC] is trending down on the weekly chart but up on the monthly chart. It has been consolidating in the $50,000 to $70,000 region since March.
While traders and investors may be frustrated by the lack of action, BTC remains extremely bullish on the higher time frames.
As one prominent cryptocurrency analyst noted, Bitcoin has had six months of daily closes higher than its monthly close in March 2021.
Even the halving event and the numerous FUD events in the market were not enough to dethrone the king of cryptocurrencies.
Unprecedented Bitcoin Price Performance
In terms of pure percentage gains, earlier Bitcoin cycles were stronger. However, this rally has been unprecedented. During the 2024 BTC halving event in April, the price of Bitcoin surpassed the $61,000 mark.
During and after the halving, the price of Bitcoin has been at or very close to the highest level of the previous cycle. In the 2020 halving cycle, the price of BTC fell nearly 60% from its highest level, while this cycle fell by about 10%.
Therefore, in addition to lower time volatility, Bitcoin remains extremely bullish for long-term investors.
NVT value encourages buyers
The 30-day simple moving average of the NVT golden cross is -0.14. Typically, values above 2.2 indicate cycle tops, and values below -1 indicate possible bottoms. Therefore, the Bitcoin bull run still has a long way to go.
As prices rise rapidly, the average investment period starts to decline in November 2023. Over the past few months, it has remained relatively flat.
A decline in MDIA is a sign of investment returning to circulation and new investment.
The MDIA could continue to decline from 269 to the previous cycle low of 51 before its continued uptrend would begin to indicate network stagnation.
The average coin age is slowly beginning to move higher after a sharp drop in February and March as rapid price increases triggered profit-taking activity and selling pressure.
The continuation of this upward trend will mean accumulation for the entire network.
