Daily Archives: 21. Januar 2023

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Bitcoin Price Holds Steady Despite Overbought RSI and Crypto Bankruptcy

• Bitcoin price holds steady at $21K despite an overbought RSI and another crypto bankruptcy
• On-chain intelligence and insights firm Glassnode has spotted a bullish technical signal in Bitcoin addresses
• There are four new bullish indicators for the BTC price

The price of Bitcoin has been holding steady at the $21K mark, even as the Relative Strength Index (RSI) indicates that the cryptocurrency is overbought and another bankruptcy has been reported in the crypto world. Despite these developments, there are a few new bullish indicators that suggest the price of Bitcoin may continue to rise.

On-chain intelligence and insights firm Glassnode has spotted a particularly promising signal in the number of Bitcoin addresses. Specifically, the 30-day simple moving average (SMA) has been above the 200-day SMA since the start of November. This is a leading indicator of a bullish market and could signal that the price of Bitcoin will continue to go up.

In addition to this technical signal, there are three other bullish indicators that point towards a potential price increase. First, the number of Bitcoin addresses with a balance of at least 1 BTC has reached all-time highs, suggesting that more people are investing in the cryptocurrency. Second, the hash rate of the Bitcoin network is also at an all-time high, indicating that miners are still committed to the network regardless of short term price movements. Finally, the number of institutional investors in the cryptocurrency market has been steadily increasing, with more and more large investors beginning to take positions in the asset class.

All of these indicators together suggest that the price of Bitcoin may continue to increase, even as the RSI indicates that the cryptocurrency is overbought and another bankruptcy has been reported. While the future of the market is still uncertain, these bullish indicators could be a sign that the price of Bitcoin will continue to rise in the coming weeks and months.