According to Glassnode, Bitcoin, the first and largest cryptocurrency by market valuation, is up 656% this current cycle.

In a recent tweet, Glassnode offers insights into the price gains of Bitcoin across three different cycles. In the cycle that spanned 2015 to 2018, Bitcoin rose 1,076%; while in the 2018 to 2022 cycle, Bitcoin gained 1,007%. In this current cycle, which began in 2022 and is still ongoing, Bitcoin has gained 656%.

Glassnode observed that despite Bitcoin's substantially larger market capitalization today (it is currently valued at $2.08 trillion), BTC's current cycle's performance isn't far off from past ones.

This historical trend suggests that demand growth is keeping pace with BTC's maturation, which is an impressive sign of sustained investor appetite.

The current Bitcoin cycle exhibits a unique duality, according to Glassnode, where elevated long-term holder (LTH) spending volumes coincide with an even greater volume of coins aging into maturity and entering the cohort.

This phenomenon creates a new market structure, with LTH wealth appearing substantially stickier than in previous cycles. A likely driver of this change is the influence of U.S. Spot Bitcoin ETFs and growing institutional participation, which may be anchoring a bigger chunk of supply in long-term custody.

Key levels to watch

After falling to a low of $100,377 on June 5, demand resurfaced at this level, with Bitcoin rallying to a high of $110,651 on June 9 before profit-taking ensued. Bitcoin fell to a low of $102,746 on Friday before rebounding.

At the time of writing, BTC was up 0.33% in the previous 24 hours to $105,061. Holding above the psychologically critical $100,000 mark indicates that investor confidence remains strong.

On the upside, the $115,400 level emerges as the first significant resistance point if the market enters price discovery. Based on the short-term holder cost basis, $97,600 remains a critical support level for sustaining local bullish momentum.

According to Glassnode, the price range of $92,900 to $95,400 appears to be a key zone to sustain local momentum, while the $81,700 level serves as a potential lower bound consistent with broader bull market conditions.