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. Despite much larger market cap today, $BTC current cycle's performance isn't far off from past ones:🔵2015–18: +1076%🟢2018–22: +1007%⚫️2022+: +656%This suggests that demand growth is keeping pace with #BTC's maturation - an impressive sign of sustained investor appetite. pic.twitter.com/gbwJNBcxPX — glassnode (@glassnode) June 14, 2025 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.