Bitcoin's Bull Market Surges 590% Over 952 Days

Bitcoin's bull market, which began on November 21, 2022, has now lasted for 952 days, making it the second-longest bull market on record. During this period, the price of Bitcoin has surged by 590%, reaching a high of $107,500. This bull market has shown remarkable resilience and growth, driven by robust institutional interest and significant investments from institutional players.

Bitcoin has been consolidating above $100,000 since the start of May, with only a brief dip below this threshold on June 22. The cryptocurrency's price has fluctuated between $100,546 and $108,706 over the past week, currently sitting just 3% below its all-time high of $111,814, which was set on May 22. This price action indicates that Bitcoin is still trading in the upper range of its Bollinger Bands, with the price closing above the 20-day moving average suggesting short-term bullish momentum. However, there is significant resistance in the $109,000–$110,000 range, which could pose a challenge for further price increases.

The relative strength index stands at 56.89, indicating a neutral but slightly overbought condition. A breakout above $111,000 would re-establish bullish control, while a rejection and decline below $105,000 could signal a more significant pullback toward $101,000. Looking ahead, macroeconomic events could have a significant impact on Bitcoin's price movement. Traders will be closely monitoring statements from central bank leaders, including Federal Reserve Chair, who is scheduled to speak alongside his counterparts from other major economies. The Fed is in no rush to cut interest rates, but political pressure is mounting, which could influence market sentiment.

Despite the bullish outlook, there are signs of caution. According to a recent analysis, Bitcoin's "apparent demand" signal has turned negative, indicating that new buyer interest is no longer keeping pace with the supply entering the market from miners and long-term holders. This metric compares new buyer interest to the supply entering the market and suggests that a price imbalance may result when apparent demand turns negative. Selling by long-term holders, who are often regarded as seasoned, strategic market participants, may suggest that the current price range is a local peak.

In conclusion, while Bitcoin's bull market shows signs of continuing its upward trajectory, there are potential challenges ahead. The cryptocurrency's price is currently consolidating above $100,000, with significant resistance in the $109,000–$110,000 range. Macroeconomic events and the actions of long-term holders will be key factors to watch in the coming days and weeks. If Bitcoin peaks sometime after mid-October, then this bull market will officially be an all-timer, at least in terms of duration.