Bitcoin continues to show solid upward momentum. The current price level is just below its all-time high, and it wouldn’t be surprising to see a new record set at any moment.
However, compared to the previous all-time high breakout, this rally is unfolding in a much quieter market environment.
As mentioned in a previous analysis, the 30-day moving average of Binary CDD has been declining even as prices rise, suggesting that long-term holders are still choosing to hold rather than sell.
Meanwhile, the Coinbase Premium continues to rise and is approaching levels seen during the all-time highs of March and December 2024. While this could indicate overheating, the Korea Premium Index remains at relatively low levels, indicating a lack of retail-driven mania.
Additionally, the MVRV ratio is gradually increasing without showing the kind of sharp spikes typically seen during overheated market conditions. This steady rise supports the idea that the market is not currently overextended.
In summary, rather than anticipating a correction, the current indicators suggest that Bitcoin may have further room to grow, and this could be a time to carefully monitor the potential for continued upside.
Written by Avocado_onchain
