Widely Followed Suite of Bitcoin On-chain Metrics Flash Bullish as BTC Price Holds Above $28,000 Post-Fed – Where Next?

cryptonews.com:

A widely followed suite of on-chain and technical metrics are sending bullish signs for the Bitcoin price, with BTC/USD holding close to nine-month highs just above $28,000 as markets digest Wednesday’s US Federal Reserve policy meeting.

Bitcoin initially sold off on Wednesday in a “sell the fact” reaction to the US central bank lifting interest rates by 25 bps as expected, and softening its tone on the outlook for further rate hikes amid troubles in the banking sector.

But the world’s largest cryptocurrency was able to regain its poise and recover back above $28,000 on Thursday as narratives around Bitcoin being a safe haven against fragility in the US (and global) banking system and around the Fed’s dovish pivot enticed bulls to buy the dip.

All the while, a suite of on-chain and technical indicators that collectively have a strong track record of predicting when Bitcoin is transitioning back into a bull market from a period of bearishness continues to flash long-term bullish signals.

Indeed, seven out of eight of the metrics tracked in crypto data analytics firm Glassnode’s “Recovering from a Bitcoin Bear” dashboard currently fulfill the condition for Bitcoin being in the early stages of a new bull market.

The dashboard tracks eight indicators to ascertain whether Bitcoin is trading above key pricing models, whether or not network utilization momentum is increasing, whether market profitability is returning and whether the balance of USD-denominated Bitcoin wealth favors the long-term HODLers.

When all eight are flashing green, this has historically been a strong bullish sign for the Bitcoin market.

Bitcoin is trading comfortably above its 200DMA and Realized Price, the first two of the eight signals tracked by Glassnode. A