Specifically, this reliable indicator outlined by the on-chain platform is the 2-year Simple Moving Average (2Y SMA). If the trends continue, it may signify a change in the way future tops are determined through this indicator, indicating a more mature and uncertain market structure.
Looking at the multiplier chart, BTC’s first peak appeared at about 2Y SMA x15. In past cycles like 2017, the flagship asset reached its peak after hitting the 2Y SMA x10. Meanwhile, in the 2021 cycle, it first reached 2Y SMA ×5 before dropping to 2Y SMA ×2.65 by the end of the cycle.
At the time of writing, BTC’s price was hovering near the $104,000 mark with a nearly 2% increase in the last 24 hours. Its trading volume is slowly picking up pace alongside the recovery, rising by over 14% in the past day.
