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5 Bullish and 2 Bearish Indicators for Bitcoin as BTC Price Approaches ATH Levels

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Just a month and a half ago, this article would have made no sense when BTC’s price tumbled below $75,000 and the main speculations within the community turned on whether the bull run had abruptly ended.

Yesterday, bitcoin’s price stood at $30,000 higher, and it came just 2% away from breaking its all-time high from January. It sits slightly lower now, but there’s something in the air that suggests a new peak is coming. Let’s see what on-chain data and some technical indicators will say about that.

The Bull Case

We begin with large accumulations. After all, prices tend to rise if there’s more buying momentum, right? Lookonchain listed a number of whales that have gone on an accumulation spree in the past few days, purchasing in total over $250 million worth of BTC.

The accumulation group is typically led by Michael Saylor’s Strategy, and the world’s largest corporate holder of bitcoin didn’t disappoint this week. On Monday, the NASDAQ-listed company annunciato the latest purchase of BTC, worth three-quarters of a billion. Metaplanet also joined the pack by acquiring over 1,000 BTC for $104 million.

In the same context, it’s also worth exploring the ETF inflows, which have been in the green for most of the past month. In fact, there have been only four red examples since April 14 out of 25 trading days. According to data from Farside, the value of net inflows has surged past $3.3 billion since May 1.

Finishing off the accumulations with data from Glassnode, which reads that (almost) all sorts of BTC wallets have been buying recently – it’s not just whales and corporations.

The fifth bullish signal for bitcoin comes from a slightly different perspective, as the overall market sentiment has switched to more positive ground. This is evident from the growing number of BTC leaving exchanges and the MVRV ratio, which is far from the peak levels.

The Bearish Side

When there are bulls, there have to be some bears, right? Well, their narrative receives support from the daily RSI, which has gone into an overbought territory, according to data shared by Ali Martinez.

The popular analyst shared another worrying sign for BTC’s future price movements as miners, the backbone of the world’s largest blockchain network, have gone on a selling spree in the past day or so, disposing of over $250 million worth of the asset.

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