Recently, the Bitcoin market has shown a remarkable rise trend. From the beginning of September until now, the price of Bitcoin has climbed from around $108,000 to over $115,000, achieving nearly a 4% increase in two weeks. Although this increase may seem small, the significance contained within it should not be underestimated, especially in light of the current market situation.

On-chain data analysis shows that Bitcoin has broken through an important price threshold—the breakeven point for medium-term holders. This breakthrough could be a key driver for Bitcoin to hit its all-time high.

'The 'realized price' metric for medium-term holders represents the average acquisition cost of wallets that completed their last Bitcoin transfer operation within the past 3-6 months. This price point is not only an important reference in technical analysis but also directly reflects the emotional changes of medium-term investors and potential market pressure.

When the price of Bitcoin falls below this level, medium-term holders are generally in a state of loss, which may trigger passive selling and bring downward pressure to the market. Conversely, once the price breaks through this level, holders begin to profit, and the willingness to sell significantly decreases, which may drive the price further up.

Currently, Bitcoin has broken through this key price level, which means that most medium-term holders have begun to profit. This phenomenon may reduce the selling pressure in the market and create favorable conditions for further rise of Bitcoin.

However, investors still need to be cautious. Although this breakthrough brings positive signals to the market, the price trend of Bitcoin is still influenced by various factors, including the global economic situation, changes in the regulatory environment, and more. Investors should comprehensively consider all factors and view market changes rationally when making decisions.