Bitcoin
It set its fourth-highest high of 2025, surgening beyond $124,000.
GlassNode’s on-chain data suggests that this could mark an early stage in the ongoing bull market.
The key metric behind this view is realized price. This measures the total value of all Bitcoins at the price of the last moved divided by the number of coins in circulation. This $51,888 metric is currently above Bitcoin’s 200-week moving average (200WMA)a long-term trend line that is often considered a division between bears and bull markets.
History shows that if realized prices exceed 200WMA and continue as high as the 2017 and 2021 cycles, the uptrend will last longer. The 200WMA is currently at $51,344, serving as the long-term level of support that has historically defined the floor throughout the bear market.
This level is only violated during periods of extreme market stress. The latest example came at the end of the 2022 Bear Market, when Bitcoin fell sharply amid the collapse of FTX. The price realized fell below the 200WMA in June 2022, and remained there for nearly three years before it revived in 2025.
It is important to surpass 200WMA as it shows new investors’ trust and changes in market structure.
If historical patterns are the case, this technological development could portray a sustained gathering. Due to adjustments in macroeconomic conditions and institutional benefits, Bitcoin’s recent price action could be the opening chapter of the next major growth phase.
Read more: Who is cashing out of Bitcoin at a record high of over $120,000?
