• Bitcoin price holds steady at $21K despite an overbought RSI and another crypto bankruptcy.
• There are, however, some bullish indicators forming.
• Four new bullish indicators for the BTC price include a solid MA crossover in new Bitcoin addresses, a rise in Bitcoin’s miners’ balance, a rise in derivatives open interest, and a growing number of whales.
The Bitcoin price has been relatively stable around the $21,000 level despite the overbought Relative Strength Index (RSI) and the recent crypto bankruptcy. Although there is some caution among investors, traders are still looking out for a potential price bottom. In a bid to ascertain where the market is headed, there are some new bullish indicators which could be a sign of an uptrend in the long term.
First, on-chain intelligence and insights firm Glassnode has spotted a bullish technical signal in Bitcoin addresses. The 30-day simple moving average (SMA) has charted above the 200-day SMA since the beginning of November, suggesting that the market could be headed upwards in the near term.
Second, Bitcoin miners’ balance has also been on the rise, increasing from about 3.2 million BTC at the beginning of 2021 to above 4 million BTC. This suggests that miners are still confident in the cryptocurrency’s price and are not selling their mined coins.
Third, derivatives open interest has also been increasing, reaching a new all-time high of $22.4 billion this month. This indicates that traders are still bullish on Bitcoin despite the current market conditions.
Finally, the number of whales has also been increasing, suggesting that more investors are accumulating more coins. According to Santiment, the number of BTC whales has increased from 8,000 to 8,100 in the last two weeks.
Altogether, these four indicators suggest that Bitcoin could be headed towards a bull run in the long term. Although there is still a risk of a price pullback, the market could easily recover if the bullish momentum continues. Therefore, traders should keep an eye out for a potential price bottom and be ready to capitalize on any opportunities that arise.