Bitcoin Surges Past $122,000 Amid Strong Bullish Sentiments
- Bitcoin is currently valued at approximately $122,052, marking a weekly price surge.
- Earlier this month, Bitcoin experienced a sharp decline to $108,600 from $117,000 but has since recovered.
- The decline was considered a “constructive reset” rather than a collapse, clearing resistance and unlocking potential for all-time highs.
- Short-term holders have defended the $111,600 cost basis five times since May.
- Long-term holders have slowed their rate of distribution, indicating a shift towards accumulation phases.
- Daily trading activity surged by over 19%, reinforcing market momentum with Bitcoin’s market cap reaching $2.43 trillion.
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