The recent surge in the price of Bitcoin has been accompanied by a number of positive technical and on-chain indicators, indicating a bullish trend. Despite a drop below the $25,000 mark in Wednesday’s Asia Pacific session, BTC is still up over 27% compared to last week’s lows in the mid-$19,000s. The defense of key long-term indicators, such as the 200DMA and Realized Price, has given confidence to the market, while news over the weekend of a $25 billion bank liquidity program from US authorities has also helped propel BTC higher. If current gains are maintained and BTC can push towards the next key resistance above $28,000, Glassnode’s “Recovering from a Bitcoin Bear” dashboard is likely to signal a bull market. Additionally, positive trends in other on-chain metrics, such as new address creations and network utilization, are also indicating a rise in demand for the cryptocurrency. Various analyses of Bitcoin’s market cycle also suggest potential for continued growth towards the $200-$500K range.
