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Bitcoin long-term active supplies reach ATH as bullish signs emerge

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Bitcoin long-term active supplies reach ATH as bullish signs emerge

After the one-year-long bear market, the crypto industry has finally gained an upward trend as 2023 started. The top data providers and analysts are optimistic about bitcoin (BTC)โ€™s price as the on-chain indicators show bullish movements.

According to the on-chain data provider Glassnode, the percentage of BTC supply last active before five or more years has reached 27.679%, marking new all-time highs (ATH). Per the data, this indicator has constantly been rising since the start of 2022 and recorded the previous ATH yesterday. 

https://twitter.com/glassnodealerts/status/1615925984888225792?t=7r3hqsZvRahdXcAvws2JLA&s=19

Similarly, the amount of supply last active in two or more years has reached an ATH of 48.631%, according to Glassnode. Per the data providerโ€™s chart, the previous peak percentage was recorded in 2021 and had been consolidating since then. 

https://twitter.com/glassnodealerts/status/1615925980379447297?t=f-RRyHaprlP1L-LMLTMZEQ&s=19

Bitcoin shows bullish signs

The digital gold, bitcoin, has been showing five bullish signs, according to the on-chain data and analytics provider CryptoQuant. The first indicator, per the analyst, is the movement of assets from spot to derivatives platforms as the investors and traders are trying to โ€œincrease their market upside exposure (leverage).โ€

Moreover, the Market Value over Realized Value (MVRV) ratio, Net Unrealized Profit over Loss (NUPL) percentage, and the Puell Multiple are the next three indicators that have reached their 365-day moving average, per CryptoQuant.

https://twitter.com/cryptoquant_com/status/1615905286266716160?t=PKMvxlZmVSENE1W4wbQBvg&s=19

According to the analyst, these three indicators show that bitcoin is about to start a new uptrend.

Furthermore, CryptoQuantโ€™s P&L Index, which combines multiple indicators such as the MVRV ratio, NUPL, and LTH/STH SOPR, has also been delivering a buying signal for bitcoin.

โ€œHowever, Bitcoin appears to be expensive in the short term, posing some risks of a pullback (price increase too quickly in the previous week.โ€

CryptoQuant analysis

Bitcoin is currently trading at $20,835, down by nearly 2% in the past 24 hours and up by over 15% in the last seven days.