Bitcoin (BTC) Renews Upward Trend, Targeting Its Current All-Time High of $110,000

Bitcoin's renewed upward trend has put the flagship asset in the limelight as it moves toward its current all-time high of $110,000

Bitcoin (BTC) price has recently come close to testing the $159,000 resistance zone with buyers struggling to keep momentum going. As the cryptocurrency market continues to recover, new data from Alphractal suggests that this cycle could be breaking a key cycle top trend.

Bitcoin Could Be Breaking A Key Cycle Top Trend

According to the latest analysis from Alphractal, an advanced investment and on-chain platform, Bitcoin’s current market behavior might be putting a twist on one of the most reliable indicators of its cycle tops over the years.

As the on-chain platform explained, this reliable indicator is the 2-year Simple Moving Average (2Y SMA). If the trends continue, it may signify a change in the way future tops are determined through this indicator, indicating a more mature and uncertain market structure.

According to Alphractal, Bitcoin’s cycle tops have historically occurred at progressively lower multiples of the 2Y SMA indicator, suggesting a slow consolidation and decreased volatility.

The first peak appeared at about 2Y SMA x15. In past cycles like 2017, the flagship asset reached its peak after hitting the 2Y SMA x10. In the 2021 cycle, it first reached 2Y SMA ×5 before dropping to 2Y SMA ×2.65 by the end of the cycle.

The chart shows that BTC attempted to break past the 2Y SMA ×2.65 multiple in the ongoing cycle but could not succeed, which exhibits a reduction in gains and points to a more consolidated and mature asset. Present, the 2Y SMA ×2.65 level is situated at the $159,000 mark, and this will be the main obstacle for Bitcoin to go beyond if it develops traction again.

As BTC charges toward this resistance zone, Alphractal has highlighted a key take in the current trend. With each new cycle, the platform points to the potential of extending gains far beyond the 2-year moving average, bolstering this market’s long-term strength.

BTC's Top For This Cycle Is Not Too Far Away

On the other hand, on-chain expert and author Axel Adler Jr. has shed light on BTC's cycle peak using the MVRV-Z Top Pricing Bands. This metric is another crucial indicator for determining cycle peaks and bottoms over the years, with the help of the z-score standard deviation between market value and realized value.

With the market gradually stabilizing, Axel Adler highlighted that selling pressure is still unusually calm. Meanwhile, the MVRV-Z indicator readings show that BTC won’t reach its peak for this cycle until this Fall.

In the meantime, the expert hopes that events like the Black Swan do not occur in the market before then in order for investors to enjoy the full ride of the final wave of buyer momentum without facing any disruption.

At the time of writing, BTC’s price was changing hands at around $104,000 with a 1.91% increase in the last 24 hours. Its trading volume is slowly picking up pace alongside the recovery, rising by over 14% in the past day.