#Bitcoin has reached a new all-time high of $111.86K. The cryptocurrency is up 0.48% in the last day, 7.16% over the past week, and 18.06% in the last month. Strong buyer dominance in the market points to the potential for further upward movement.
Data from on-chain analytics platform Glassnode shows a decline in Bitcoin's Mean Dollar Age. This metric tracks the average age of coins in circulation. A drop suggests that long-term holders are not selling, indicating confidence in future price increases.
Market conditions remained neutral earlier this year. Buyer dominance returned in May, aligning with Bitcoin's climb above $110,000. Analysts note that this trend could lead to another wave of price increases. The persistence of buyers at these levels supports a bullish outlook.
Long-Term Holders Show Confidence in Bitcoin
Glassnode data reveals that long-term Bitcoin holders are retaining their coins. Short-term traders are currently driving market activity. Realized profits remain lower than in previous cycles, suggesting reduced selling pressure from speculative investors.
This combination of factors indicates sustained bullish sentiment. Investors who have held Bitcoin for extended periods appear to expect further gains. The lack of significant profit-taking by these holders reinforces market stability at current price levels.
Bitcoin's 90-day cumulative volume delta (CVD) also favors bulls, according to CryptoQuant. This metric highlights stronger buying activity compared to selling. The data aligns with the price surge, which saw a 50% increase in under two months.
Market Dynamics Support Bullish Trend
Bitcoin's price surge contrasts with its first touch of $100,000 in 2024. Back then, buyer interest was less pronounced. Today, spot takers dominate exchange order books, reflecting heightened demand at all-time highs.
Hodlers have largely refrained from distributing coins at current levels. This behavior differs from typical market reactions during previous peaks. The reduced supply entering the market supports the potential for continued upward momentum.
The current rally follows a period of neutral market conditions. The reemergence of buyer dominance in May marks a shift. As Bitcoin tests levels above $110,000, the market appears poised for another upward wave.