Dollar

bullish

Bitcoin

<ul class="wp-block-list"> 
 <li>Bitcoin’s Mean Dollar Invested Age has dropped 27% since October 2023, signaling a bullish trend.</li> 
 <li>Bitcoin’s price surged to $95,583.63 with a market cap of $1.89 trillion.</li> 
</ul> 
Bitcoin’s market sentiment has been significantly influenced by a crucial metric, the Mean Dollar Invested Age (MDIA). This <a href="https://x.com/santimentfeed/status/1861861190554820781" target="_blank" rel="noreferrer noopener nofollow">metric</a> measures the average age of each BTC that has been sitting in wallets on the network. A rapid drop in MDIA indicates that dormant coins are moving back into circulation, a sign that higher market utility and possible bull trends are forming. 
From May 2021 to October 2023, MDIA was rising, showing that coins were becoming more stagnant. This stagnation contributed to volatile market behavior, with several major downswings. At its peak, the average BTC age reached 637 days. 
However, since mid-October 2023, MDIA has dropped significantly. This decrease suggests that previously dormant coins are now being transferred and actively traded. As a result, the average age of Bitcoin has fallen by 27%, from 637 days to 466 days. 
The most notable change occurred over the past three weeks, coinciding with the ‘Trump Pump’ in the market. In this period, the average<a href="https://thenewscrypto.com/trust-wallet-integrates-binance-connect-simplifying-global-crypto-access/" target="_blank" rel="noreferrer noopener"> wallet </a>has become 9% younger, reflecting a sharp increase in activity. As long as MDIA continues to drop, the market is expected to stay in a bullish phase, increasing the probability of continued market cap growth. 
<h3 class="wp-block-heading" id="h-btc-in-today-s-market">BTC in Today’s Market</h3> 
Bitcoin’s current price stands at $95,583.63, marking a 2.62% increase in the last 24 hours. The market cap has<a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noreferrer noopener nofollow"> risen</a> to $1.89 trillion, with a 24-hour trading volume of $70.93 billion. This surge is supported by a strong market cap ratio of 3.76%. As Bitcoin’s total supply approaches 19.79 million BTC, the token remains under its max supply of 21 million BTC, which adds to its scarcity factor. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="472" src="https://thenewscrypto.com/wp-content/uploads/2024/11/BTCUSD_2024-11-28_12-36-04-1024x472.png" alt="" class="wp-image-115930" srcset="https://thenewscrypto.com/wp-content/uploads/2024/11/BTCUSD_2024-11-28_12-36-04-1024x472.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/11/BTCUSD_2024-11-28_12-36-04-300x138.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/11/BTCUSD_2024-11-28_12-36-04-768x354.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/11/BTCUSD_2024-11-28_12-36-04-1536x708.png 1536w, https://thenewscrypto.com/wp-content/uploads/2024/11/BTCUSD_2024-11-28_12-36-04.png 1814w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
</figure> 
Turning to technical indicators, Bitcoin’s chart highlights critical levels of resistance and support. Currently, Bitcoin is facing <a href="https://thenewscrypto.com/chainlink-link-eyes-22-as-bulls-break-key-resistance/" target="_blank" rel="noreferrer noopener">resistance</a> around $100,000. A break above this level could push the price higher, potentially targeting $110,000. On the downside, support lies at $90,000, with a potential drop to $85,000 if this level is breached. 
The Relative Strength Index (RSI) currently shows a value of 75, indicating that Bitcoin is in the overbought territory. However, the RSI average suggests that the market might still have room for growth, though caution is advised. Moving averages further confirm the bullish outlook, with the short-term moving average above the long-term moving average. This crossover signals an ongoing uptrend, reinforcing the likelihood of further price increases.

Is Bitcoin’s Drop in MDIA a Sign of Continued Bullish Momentum?

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