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Bitcoin surged past $120,000, fueled by strong on-chain activity and transactional support. Analysts highlight a divergence between price and network metrics, suggesting organic growth. Meanwhile, holder rotation signals shifting market dynamics.
- Bitcoin's NVT Golden Cross is declining despite rising prices, indicating strong transactional support.
- Long-term BTC holders are net selling, while short-term holders accumulate—a potential late-stage rally signal.
- Similar holder rotation patterns preceded local tops in April 2021 and November 2023.
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