Bitcoin price is currently trading down -1.24% at $62,047, with a drop of over 2.25% over the last 24 hours and 16% below its all-time high of $73,835.
The price has fallen 8.75% over the last 30 days and 5.5% over the last three months, leaving market analysts wondering if the “cycle top” is in for the pioneer cryptocurrency.
Several on-chain metrics suggest that Bitcoin’s failure to print new highs after two retests is a “sign of weakness.” The Bitcoin long-term holder (LTH) inflation rate has increased steadily over the last two years, indicating that LTHs are adding to sell-side pressure as their Bitcoin holdings diminish.
At bull market tops, market inflation peaks above nominal inflation, which typically marks a high likelihood of the cycle top being in.
Another on-chain metric used to gauge market cycles and assessing Bitcoin’s bullish or bearish nature is Dormancy Flow. The Bitcoin Dormancy Z-score has sharply increased over the last 90 days, with a peak in April, suggesting a higher average age of coins spent in 2024.
However, three months later, the price has only gone down, and the Dormancy Z-score peak remains with a structure similar to the 2017 and 2021 tops. This suggests that Bitcoin price may have hit a cycle top, which could also be bearish for the broader crypto market.
<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is currently trading down -1.24% at $62,047, with a drop of over 2.25% over the last 24 hours and 16% below its all-time high of $73,835. The price has fallen 8.75% over the last 30 days and 5.5% over the last three months, leaving market analysts wondering if the “cycle top” is in …<\/p>\n","protected":false},"author":13,"featured_media":53219,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[40,36],"tags":[9231,11132,11131,11130],"class_list":["post-103151","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-cryptocurrencies","category-market-updates","tag-bitcoin-price","tag-dormancy","tag-lth","tag-on-chain-metrics"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/103151","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=103151"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/103151\/revisions"}],"predecessor-version":[{"id":103157,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/103151\/revisions\/103157"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/53219"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=103151"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=103151"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=103151"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}