Analysis: Bitcoin Remains in Strong Expansion Zone, Multiple On-Chain and Capital Metrics Confirm 'Full Bull Market Momentum'

Despite a roughly 2.5% pullback from its local high of $82,800 reached on May 6, market analysts widely believe Bitcoin's overall uptrend remains intact, and it has re-entered the 'full bull market momentum' zone. Swiss wealth management firm Swissblock notes that Bitcoin has re-entered a price expansion zone, with the Bull Market Support Band turning into support. The 21-week EMA has crossed back above the 20-week SMA, shifting the trend structure back to bullish.

Bitcoin is currently consolidating around the $80,000 level, where the 'Realized Price' metric for the overall market and the short-term holder cost basis form key support. Meanwhile, the realized price near $85,000 represents overhead resistance. Spot buying dominated by whales and institutions is strengthening, while the proportion of speculative activity in derivatives is declining. Historically, such a structure has often corresponded with sustainable upward trends. If this metric continues to hold positive values, it could further drive Bitcoin's upward cycle.

On the liquidity front, the Stablecoin Supply Ratio (SSR) has rebounded from historical lows to a key range, indicating that stablecoin capital is flowing back into the market. This signal has previously corresponded with significant bottom recoveries in mid-2021, 2022, and mid-2023.

Simultaneously, Binance's Stablecoin Supply Ratio Oscillator (SSR Oscillator) has risen to 2.8, hitting a 12-month high, demonstrating a notable increase in stablecoin purchasing power. On-chain activity is also strengthening. Bitcoin's daily transaction volume surged 116% in May to 831,400 transactions, a 20-month high; the number of active addresses increased 7.1% week-over-week to 707,700; and total transaction fees rose 37% to $279,300, indicating a significant uptick in network usage activity. In terms of capital flow structure, the 90-day Spot Taker CVD has turned consistently positive, suggesting spot buying is dominating the market. Glassnode data shows this metric has further increased to $62 million compared to a week ago, reflecting a strengthening of proactive buying sentiment in the market.

In summary, price structure, liquidity indicators, and on-chain demand all suggest that Bitcoin is currently in a 'strong trend expansion phase,' and the bull market momentum has not yet exhausted. (Cointelegraph)