Analysis suggests Bitcoin’s price progression continues to adhere closely to the long-term Power Law growth model, contrasting with patterns typically associated with speculative bubbles. This correlation points to an underlying structure of organic expansion rather than unsustainable price surges.
Market activity reveals a stark contrast in holder behavior. Over the last 24 hours, short-term holders (STHs) were responsible for 85.5% of all Bitcoin spent volume, equivalent to $18.24 billion. Conversely, long-term holders (LTHs) contributed a significantly smaller portion, accounting for just 14.5% of the total volume spent.
Recent trading saw Bitcoin hovering near the $113,545 level. Supporting technical indicators show a daily Relative Strength Index (RSI) reading of 42.91, signaling a weakening of bullish momentum without dipping into oversold territory. Further confirming a shift, the On-Balance Volume (OBV) indicator trends downward, indicating diminishing buying pressure over the previous week.
The limited activity of LTHs combined with the absence of traditional bubble signals suggests the market is currently experiencing a mature phase. While STH-driven volatility persists, the adherence to the Power Law trajectory provides a foundation for the observed steady long-term price appreciation.