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3 Bullish Signs for Bitcoin After Surge to 3-Week Peak: Can BTC Push Higher?

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Although it continues to trade in a multi-month range, BTC has neared the upper boundary and could be close to a more decisive breakout.

Here are some of the positive on-chain signs that support such a narrative, plus the dark horse that might actually decide the asset’s short-term fate.

3 Bullish Signals

Popular analyst Ted Pillows noted earlier today that the Coinbase Bitcoin Premium, the key metric showing the difference between BTC buying on the largest US exchange and Binance, has continued to be in the green and has actually marked a three-week high. Similar instances show that institutional investors, who are the typical clientele of Coinbase, have gone on an accumulation spree.

However, Ted explained that the significant increases over the past few days could be linked to Strategy’s latest multi-million-dollar purchase. Nevertheless, the graph below demonstrates that when the metric is in the red, BTC tends to underperform and vice versa.

Fellow analyst CW brought out the other bullish signals for BTC, which are in a similar category. They explained that “net buying of BTC long positions” has risen, which, coupled with the “steadily increasing” Open Interest, shows a “bullish trend.” On a similar note, bitcoin buying on other exchanges, such as OKX, has flipped to a positive territory.

Lastly, CW updated that the bitcoin exchange reserves have continued to decline, while whale accumulation has returned.

“We are currently still in the process of preparing for a bull market. There was no real bull market in this cycle,” the analyst concluded.

The Dark Horse

Although the aforementioned on-chain signs seem to be going in bitcoin’s way, there’s one significant uncertainty that continues to impact the asset the most: the war in the Middle East. The two-week cease-fire announced earlier this week served as a breath of fresh air for BTC, which jumped from $68,000 to over $73,000 earlier today.

The latest news on the matter came hours ago as the US delegation led by VP JD Vance touched down in Islamabad, Pakistan, where they are scheduled to begin face-to-face talks with Iran’s reps, led by Parliament Speaker Mohammad Badher Ghalibaf. A permanent peace decision or a war escalation could influence BTC’s price even faster and more violently than the signals mentioned above.

Postitus 3 Bullish Signs for Bitcoin After Surge to 3-Week Peak: Can BTC Push Higher? ilmus esimesena veebilehel CryptoPotato.

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