Bitcoin (BTC) price action has been dismal recently, with many analysts expecting further bearish momentum in the coming weeks.

Not so long ago, however, many investors and cryptocurrency experts were raving about some noteworthy fundamental indicators that were and continue to be very bullish.

Let’s take a look at three Bitcoin indicators that bulls are likely to remember.

Bitcoin’s hashrate hovers near all-time highs

Bitcoin’s hash rate, a metric that shows the computing power dedicated to mining BTC, recently hit an all-time high, indicating the overall strength of the network and continued interest from miners. Bitcoin has never been more secure, which highlights the fact that miners appear confident in the future of the Bitcoin network.

There is some debate as to whether high hashrate constitutes a bullish signal. Investors view the increase in hashrate as a sign that prices are about to rise, while others believe the opposite, or that there is no correlation at all.

Judging from the data of the past year, there is indeed a clear relationship between computing power and price.

One-year chart of Bitcoin total hashrate versus market price (USD). Source: Blockchain.com

This makes perfect sense because when prices rise, miners will eventually start mining more. Hahsrate and miner behavior are also affected by Bitcoin difficulty adjustments that occur approximately every two weeks. As hash power increases, so does the difficulty, meaning more energy is required to mine 1 BTC.

Higher computing power can only maintain lower prices for a long time because miners’ production costs hardly increase while their profits decrease. So either the price has to go up or hash power will go down at some point.

Currently, the price has dropped significantly relative to the hash rate. The last time this happened was in June, and a rebound followed.

See related: Bitcoin Miners Need Bitcoin Price to Exceed $98,000 Before Halving – Analysis

In addition to the rise in computing power, nation-states also appear to be experiencing a renewed interest in mining. The country of Oman has announced plans to produce 7% of Bitcoin’s hash rate in less than two years.

Bitcoin address holds 0.1 BTC, new all-time high

Bitcoin holders have remained strong throughout the bear market, with the number of wallets holding 0.1 BTC or more reaching 12 million for the first time. Despite the current price range and occasional corrections, this trend continues.

Bitcoin address with balance over 0.01 BTC compared to price.Source: Bitcoin Research

This demonstrates a level of trust in the asset class despite everything else happening in the market. Despite the disappointing price, adoption is growing.

While 0.1 BTC may have been a trivial amount at one time, it is significant today as it equates to around $2,500 at current prices. When priced in other currencies, the fiat value may be much higher. The fact that 12 million entities have accumulated so much Bitcoin shows that the world is starting to take this investment seriously.

Bitcoin balances held by exchanges trend downward

Since the FTX collapse in November 2022, the number of wallets holding large amounts of Bitcoin has also increased, while the number of Bitcoins held by exchanges has trended downward. This trend has intensified since April this year. This suggests that individuals are taking custody of their coins, which may highlight their lack of interest in selling them in the near future.

One-year chart of Bitcoin price versus exchange holding balance. Source: Coinglass

Last week, the balance of BTC held by the exchange decreased from 1.88 million to 1.84 million. Historically, large influxes of tokens into exchanges have tended to create selling pressure, while outflows from exchanges have boosted Bitcoin prices.

Collectively, these three indicators suggest that the case for investors to buy Bitcoin is stronger than ever. Bitcoin miners continue to mine, holders continue to hold, and individuals continue to keep their Bitcoins.