New Bitcoin Bull Market? 8 On-Chain & Technical Metrics Say Yes!

• Bitcoin is holding close to nine-month highs above $28,000 after the US Federal Reserve’s policy meeting.
• A suite of on-chain and technical indicators are signaling a bull market for Bitcoin.
• Key metrics tracked by Glassnode’s „Recovering from a Bitcoin Bear“ dashboard suggest that BTC/USD is in the early stages of a new bull market.

Bitcoin Price Holds Above $28,000 After Fed Meeting

The Bitcoin price has held steady above $28,000 following Wednesday’s US Federal Reserve policy meeting, as markets digest the Fed’s dovish pivot and narratives around the cryptocurrency being a safe haven against fragility in the banking system entice bulls to buy the dip.

On-Chain Metrics Signal Bull Market for BTC/USD

A suite of on-chain and technical indicators that have reliably predicted when Bitcoin is transitioning back into a bull market from bearishness are also sending bullish signals for BTC/USD at present. Seven out of eight key metrics tracked by crypto data analytics firm Glassnode’s “Recovering from a Bitcoin Bear” dashboard currently fulfill conditions for an early stage bull market.

Key Metrics Tracked by Glassnode Dashboard

The dashboard tracks eight indicators to ascertain whether or not the balance of USD-denominated Bitcoin wealth favors long-term HODLers, if network utilization momentum is increasing, if market profitability is returning and whether or not BTC/USD is trading above key pricing models. When all eight are flashing green, this has historically been seen as a strong signal that the Bitcoin market is entering into a new bull phase.

Two Key Indicators: 200DMA & Realized Price

Two key indicators that have been proven effective at predicting near-term price momentum shifts are whether or not Bitcoin is trading above its 200DMA and Realized Price levels – both of which BTC/USD has comfortably surpassed in recent months. Furthermore, when it mounted powerful defense of these levels earlier this month it added further validation that the current bullish trend remains intact.

New Address Momentum

Another indicator monitored by Glassnode’s dashboard – 30-Day SMA of new address creation – moved above its 365-Day SMA several months ago – signifying growing network activity and confirming indications that we may indeed be transitioning into another bull cycle for Bitcoin