Analyst: Bitcoin 'Activity' Indicator Rising, Signaling Bull Market May Continue

On December 7, Cointelegraph reported that analyst TXMC noted the technical indicator "Liveliness" is trending upward—a pattern that historically signals bull market activity, suggesting the current crypto cycle may not be over yet. "Despite the recent price downturn, on-chain activity levels for this cycle continue to rise," TXMC stated. "This indicates underlying demand for spot Bitcoin remains strong, though it hasn’t yet translated to price action." The analyst explained the indicator functions like a long-term moving average of on-chain activity, comparing cumulative on-chain spending and holding behavior across all market cycles. TXMC added, "Liveliness rises when overall token on-chain transaction volume increases; it falls when more tokens are being held—with weights based on the age of those assets. In bull markets, Liveliness typically climbs as supply changes hands at higher price points, a sign fresh capital is consistently flowing into the market."