Bitcoin Price Holds Steady at $21K Despite Overbought RSI and Crypto Bankruptcy

• Bitcoin price holds steady at $21K amidst an overbought RSI and another crypto bankruptcy.
• Four bullish indicators have formed, such as a solid MA crossover in new Bitcoin addresses.
• The market could be at a price bottom, or bears could take prices back down to key optical support at $20K.

The Bitcoin market has been in an uptrend throughout the month, with the price of BTC soaring to new all-time highs. While the RSI is currently overbought, the cryptocurrency is still trading at the $21K level. Unfortunately, the rally was marred by another crypto bankruptcy, although there are still some bullish indicators forming.

On-chain intelligence and insights firm Glassnode has identified one such indicator in the form of a solid MA crossover in new Bitcoin addresses. Specifically, the 30-day simple moving average (SMA) has been above the 200-day SMA since November. This indicates that the network is seeing an uptick in new user activity, which could be a sign of further price appreciation.

In addition, the crypto derivatives market is also exhibiting bullish behavior. The open interest on Bitcoin futures has been increasing steadily for the past few days, indicating that traders are expecting more upside.

Finally, the hashrate of the Bitcoin network has also been increasing, which is another bullish sign. Higher hashrate means more miners are joining the network, which is a positive sign for network security and could also drive prices up.

All these indicators point towards the possibility that the crypto market could be at a price bottom and that bulls could take prices back up to new highs. However, it is also possible that bears could take the prices back down to key optical support at $20K. At this point, only time will tell which direction the market will take.