- Bitcoin has risen roughly 15% since Monday, recovering several major technical and on-chain levels as bullish momentum continues to build.
- BTC moved close to $72,000 during Thursday’s European session, gaining more than 3.5% over the past 24 hours and about 15% since the beginning of the week.
- The latest advance has been supported by several positive developments. Treasury Secretary Scott Bessent’s announcement of larger Treasury debt buybacks helped spark the initial move, while President Donald Trump later urged Congress to advance the Clarity Act during a White House crypto gathering.
- Crypto-related stocks have rallied alongside Bitcoin. Strategy (MSTR), the largest corporate holder of BTC, jumped 13% Wednesday and gained another 10% in premarket trading Thursday.
- Bullish (BLSH), the crypto exchange group and parent of CoinDesk, climbed more than 9% Wednesday before adding another 5% in premarket trading.
- Bitcoin miner MARA Holdings (MARA) and cryptocurrency exchange Coinbase (COIN) also moved higher before the US market opened after posting strong gains in the previous session.
Bitcoin Breaks Above Key On-Chain Levels
- Bitcoin’s move through $71,000 has restored several important technical and on-chain benchmarks, according to Checkonchain data.
- The short-term holder cost basis sits around $67,138 and represents the average acquisition price for coins held for fewer than 155 days.
- Bitcoin trading above this level generally indicates that recent market participants are sitting on paper profits, a condition that can improve sentiment and encourage risk-taking.
- BTC has also reclaimed its 200-day simple moving average, currently near $68,969. The widely followed indicator reflects Bitcoin’s average closing price over the previous 200 days and is commonly used to gauge its longer-term direction.
- The next major threshold is the True Market Mean at roughly $75,689. The metric excludes lost coins and long-dormant supply to estimate the average cost basis of active Bitcoin investors.
- A sustained breakout above this level would push the average active investor into unrealized profit and could provide stronger confirmation that Bitcoin is transitioning toward a broader bullish trend.
