Definition. Marks the periods in which Bitcoin is trading in price discovery — setting new all-time highs — which this framework treats as the opening of the euphoria phase of a bull market.

Technical. The all-time-high line is the running maximum of daily closing price. The shaded zone highlights every day on which that running maximum is higher than it was 30 days earlier, i.e. the market has printed a new all-time high at some point within the last month.

Interpretation. Price discovery removes the overhead supply that caps earlier stages of a bull market: every holder is in profit, and the only reference points left are psychological. The shaded periods are where the risk framework on this dashboard is designed to be applied — the conditions it measures are diagnostic during euphoria, not before it.