Analyst: Bitcoin 'Activity' Metric Rising, Signaling Bull Market Extension

BlockBeats News, December 7th. According to Cointelegraph, analyst TXMC stated that the technical indicator Liveliness is on the rise, which historically represents bull market activity and may indicate that the current market cycle is not yet over.

TXMC said: "Despite the price decline, the activity of this cycle continues to rise, indicating that the underlying demand for spot Bitcoin is supporting it, just not yet reflected in the price action." The analyst explained that this indicator is similar to a long-term moving average of on-chain activity, comparing the cumulative on-chain spend and holding behavior across all cycles.

And added: "When more activity happens on-chain overall, this indicator rises; when more is being held, it falls, with a weighting by the time those coins have been held. In a bull market, liveliness typically increases as supply changes hands at higher price levels, representing a continuous influx of new capital."