The latest on-chain analysis data shows that the price of Bitcoin is gradually approaching the red ribbon upper limit calculated based on the on-chain tradable supply and activity level.

Generally speaking, this red area represents the upper limit of chip cost at the end of a bull market.

From a historical data perspective, during a bull market phase, there is a possibility that the market trading price may touch or even break through this area.

And the current signal indicates that Bitcoin may be moving towards the climax phase of the bull market.

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