Analyst: Bitcoin activity indicators rise, suggesting the bull market may continue

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

TXMC said, "Despite the price decline, the Liveliness in this cycle continues to rise, indicating that the demand for spot Bitcoin is supporting the bottom, just not yet reflected in the price movement."

The analyst explained that this indicator is similar to a long-term moving average of on-chain activity, comparing the cumulative spending and holding behavior of all cycles on-chain. He added, "When tokens are generally traded more on-chain, this indicator rises; when more are held, it falls, weighted by the time of these tokens. In a bull market, Liveliness typically rises because supply changes hands at higher price levels, indicating that new capital is continuously being injected."