According to the latest on-chain analysis data, the price of
Bitcoin (BTC) is gradually approaching the upper limit of the red ribbon calculated based on the tradable supply and active level (Liquid Supply Liveliness) on the chain. This red area usually reflects the upper limit of chip cost at the end of the bull market. Historical data shows that during the mad bull stage, the market trading price may touch or even break through this area. This signal suggests that BTC may enter the climax of the bull market.