Bitcoin's price has made a strong move to $71,000, forming a new base and sparking market optimism. Investors are now eyeing a new all-time high, surpassing $74,000. Three on-chain indicators suggest that the bullish momentum will continue.

Firstly, institutional investors have shifted from selling to buying over the past two weeks, according to CryptoQuant data. This renewed interest is already impacting prices and is expected to strengthen in the coming weeks, potentially leading to a new price discovery zone.

Secondly, the NVT Golden Cross indicator suggests a local bottom in the $69K-$70K region, similar to previous instances since February 2024. Additionally, a recent inflow of $886.6 million into Bitcoin spot ETFs supports this analysis.

Thirdly, the Bitcoin Volatility Index is experiencing a significant dip, indicating a potential slowdown in price swings. Historical records show that such low volatility has only occurred four times in the past six years, suggesting stability. Moreover, the Adjusted MVRV metric highlights similarities between the current market and the 2015-2018 period, indicating a smooth progression.

In conclusion, these three on-chain indicators, along with the surge in open interest in Bitcoin derivatives, suggest that the bullish momentum will continue, potentially leading to new all-time highs. As the market continues to evolve, these indicators will be crucial in shaping the future of Bitcoin's price action.