- Bitcoin exceeded $124,000, marking its fourth all-time high in 2025.
- Analysts at Glassnode report early signs of a new bull market for Bitcoin.
- The realized price metric rose to $51,888, moving above the 200-week moving average (200WMA) for the first time since 2022.
- Historically, a realized price above the 200WMA has signaled prolonged uptrends.
- Strong institutional demand and supportive macroeconomic conditions may contribute to continued growth.
Bitcoin reached a new milestone this week, rising above $124,000 and setting its fourth record high for 2025. The surge signals increasing momentum in the cryptocurrency market at a time when investors are closely watching for signs of sustained growth.
According to data from on-chain analytics firm Glassnode, this price action could indicate the beginning of another long-term upward cycle for Bitcoin. The report highlights the realized price metric—which measures the average price at which all bitcoins last changed hands and is used to estimate the collective cost basis of holders. On-chain data show that Bitcoin’s realized price is now $51,888.
This figure is especially significant because it now sits above the network’s 200-week moving average, or 200WMA, which currently stands at $51,344. The 200WMA is a widely used indicator dividing bull and bear markets. “Breaking back above the 200WMA is significant, as it indicates renewed investor confidence and a shift in market structure,” according to the analysis.
Past cycles, including those in 2017 and 2021, have seen sustained rallies begin when the realized price surpasses the 200WMA and moves higher. The report notes that the 200WMA has historically acted as a market floor and was only breached during times of intense selling pressure, such as during the collapse of crypto exchange FTX in late 2022. The realized price fell below the 200WMA in June 2022 and had not crossed back until this year.
If these historic trends continue, the current technical developments could signal the start of a more prolonged rally. As macroeconomic factors and institutional interest align, observers are watching to see whether this marks the start of Bitcoin’s next phase of growth.
For additional information on market participants during these highs, see: Who Is Cashing Out of Bitcoin at Record Highs Above $120K?
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