BTC price is growing since mid March, why can we still be bullish?

Bullish Signals 

Bitcoin price is steadily growing since the covid-19 crash. Yet in the recent 2 months it was ETH and DeFi that was surging the most. In this article we will look at the positive BTC signs.

Number of new entities going into BTC is growing.

One of them was just recently noticed by the Twitter profile called Glassnode. It seems that we are coming back into the moment when there is an inflow of people as big as the one we had back in 2017.

The number of unique entities appearing for the first time in the #Bitcoin network is surging.

This growth rate is the largest we have seen since late 2017.https://t.co/5jkNJtEM6Z pic.twitter.com/cn8ALmhmVc

— glassnode (@glassnode) August 4, 2020

At the same time are some concerns in the comments about the BTC addresses being created by bots to allow Bitcoin to be pumped by Tether. To us traders it’s not really an issue – the most important thing is to be profitable and as we see we got some bullish signals here.

Recent BTC Flash Crash

If you are following our social media, you know we have been recently talking about the Bitcoin price dump where the value of the BTC coins went down from $12 000 to almost $10 500 in a moment. It was a perfect moment to use SkyRocket Buy and get BTC almost $1000 cheaper than the market price that was available a few minutes later. A quick recap how SkyRocket Buy function works:

“The SkyRocket Buy function starts after reaching the price level entered in the “Activate at level” field and will continue to go down until the price increases by the percentage entered in the “Trailing” field. The purchase order will be issued at the price level specified in the “Limit” field.”

This recent price fluctuation is important not only because we could make a great deal by using free SkyRocket trade tools. It also show us the way how new and institutional whales reacted to a huge volatility that took place. This kind of price movement obviously didn’t make any impression on hodlers.

Investors are not moving $BTC at a loss.

Adjusted SOPR (hourly chart) is still above 1 despite the sharp price drop, showing no sign of a short-term trend reversal (yet).

Closely watching this this level.#Bitcoin pic.twitter.com/W1fwB61DWZ

— Rafael Schultze-Kraft (@n3ocortex) August 2, 2020

The outcome of this story is that the bigger investors still believe in big gains on BTC – at least short term. Do you believe in that too?