Key Insights:

• Bitcoin has reclaimed the 200-week moving average (200WMA) for the first time since June 2022, following an extended period beneath it.
• This crossover historically signals the commencement of significant price rallies, akin to the trends observed in 2017 and 2021 bull runs.

Current Market Dynamics:

Bitcoin recently surged past $124,000, marking its fourth all-time high in 2025. Data from Glassnode indicates this may signal the onset of a prolonged bullish market.

Bitcoin’s Realized Price — the price at which coins last moved on-chain divided by the number of circulating coins — is currently at $51,888, having surpassed the 200WMA of $51,344. This marks a pivotal shift from a bearish to a bullish outlook.

The 200WMA acts as a significant support level, typically defining the bottoms during bear markets. Previous breaches of this level were seen at times of substantial market stress, such as the aftermath of the FTX collapse in 2022.

The recent crossing back above this moving average suggests a renewed investor confidence and a change in market dynamics, potentially foreshadowing a sustained rally given favorable macroeconomic conditions and institutional interest.