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Glassnode: Bitcoin indicator signals new massive bull run

  • A technical indicator points to a new bull run. The indicator showed the last buying opportunity before BTC rose to $20,000.
  • Experts say that the Bitcoin price on the daily chart must close above the $11,250 mark to continue its upward trend.

Since Monday, the Bitcoin price has been showing a continuing upward trend and has briefly risen to almost $11,100. First, however, BTC is drawing a correction and is trying to break through the $11,000 mark again at the time of writing. Within the last 24 hours Bitcoin has been moving sideways with a plus of 0.3% to a price of $10,967. The market capitalization remains at $201 billion and Bitcoin dominance at 57.2 %.

The CTO of the analysis platform Glassnode Rafael Shultze-Kraft states that the indicator “Short-term unrealized net profit/loss for holders” (STH-NUPL) shows a buy signal. The last time the STH-NUPL showed a buy signal was when Bitcoin rose to its former all-time high of $20,000:

Short-Term Holder Net Unrealized Profit/Loss (STH-NUPL) with a #bullish signal here imo! That bounce of the 0-line was important, is very characteristic for previous bull markets, and historically a good buying opportunity.

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Source: https://twitter.com/n3ocortex/status/1306624005621809153/photo/1

Josh Rager also remains bullish for Bitcoin, but BTC must break through the $11,000 barrier and then close above the $11,250 mark on the daily chart. On the weekly chart, BTC will have to close above the $10,600 mark in order to draw a higher local high to establish new support.

Trader “Byzantine General” states that Bitcoin will soon reach the RSI (Relative-Strength-Index) of 50, drawing a new bullish scenario. However, he also urges caution, as Bitcoin still has an open CME gap of $9,600. Nevertheless, he expects the price to continue to rise over the coming weekend.

“BigCheds” describes in a new video update that Bitcoin has targeted the $11,000 mark and was initially rejected. However, this new resistance is comparatively “young”, so he expects BTC to overcome this resistance in the near future and move towards the $14,000 mark. He cites a time horizon of several months for this.

Trader “SalsaTekila” is also bullish for Bitcoin and will maintain his positions. The next support from BTC is along the $10,590 mark and should hold in case of an emergency, should a major correction follow. For the weekend, he also expects the Bitcoin price to continue its upward trend.

Tether market capitalization increases by 3 billion USDT in one month

As Crypto News Flash has already reported, Tether has long been suspected of being able to influence Bitcoin prices. According to a new update, more than 3 billion USDT have been printed in the last 4 weeks. Since then, the Bitcoin price has dropped from $11,960 to $10,970.

The two major stock exchanges Binance and Bitfinex continue to hold the largest share of the tether supply with almost 2 billion USDT, as a chart from flipsidecrypto.com shows. According to the tether transparency report, the amount of USDT on Ethereum is just under $10 billion, $4.2 billion is on TRON and $1.3 billion on Omni.

Meanwhile, members of the community continue to demand a third party audit to verify that all USDT is indeed deposited in USD in a bank account through a corresponding reserve in US dollar. The truth could soon come to light in the still open trial of the New York State Attorney General’s Office.

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About Author

Collin Brown

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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