HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

This Indicator Shows Bitcoin May Soon See a Massive Influx of Buy Orders

Bitcoin 2020/04/02 02:00 by Cole Petersen
After a period of facing some downwards pressure, Bitcoin bulls have been able to step up and lead the crypto higher, pushing it back into the mid-$6,000 region. This recent price action seems to indicate that both bulls and bears have reached an impasse, as neither have been able to garner any decisive momentum in the time following BTC’s rejection at $6,900. Importantly, one fundamental indicator is suggesting that bulls may soon gain the upper hand over bears, as the amount of capital that is currently sidelined within stablecoins could suggest that bulls have a massive war chest to fuel an intense upwards movement. Bitcoin Consolidates as Bulls and Bears Struggle to Garner Momentum  At the time of writing, Bitcoin is trading down just over 1% at its current price of $6,350, which marks a slight rebound from daily lows of $6,200, and a decline from highs of nearly $6,500. This current bout of sideways trading marks a significant extension of that which Bitcoin has been facing after breaking above $6,000 last week, with bulls and bears forming a large trading range between roughly $5,800 and $6,900. This consolidation has had a ripple effect spanning across the entire cryptocurrency market, with virtually all major altcoins seeing similar price action throughout the past several days. In the near-term, which direction Bitcoin trends next will likely be largely dependent on whether it breaks above the lower or upper boundaries of its trading range. One factor that investors should consider is that the traditional markets are beginning to see a continuance of their March capitulation, with all of the benchmark stock indices shedding nearly 5% of their value today. Could Stablecoin Holdings Tip the Scale in BTC Bull’s Favor? One factor that could bolster bulls eventually is the fact that the Stablecoin Supply Ratio is currently nearing an all-time low, showing that the current stablecoin supply has significant buying power and could bolster BTC. “Stablecoin Supply Ratio (SSR) is near its ATL. Low SSR means the current stablecoin supply has strong buying power to purchase BTC and push the price up. USDT (ERC20) exchange balances at an ATH indicates that those coins are waiting on the sidelines,” Glassnode noted in a recent tweet. Stablecoin Supply Ratio (SSR) is near its ATL. Low SSR means the current stablecoin supply has strong buying power to purchase $BTC and push the price up.$USDT (ERC20) exchange balances at an ATH indicates that those coins are waiting on the sidelines.https://t.co/r1Re9UoVNv pic.twitter.com/I5ZFnScnLX — glassnode (@glassnode) April 1, 2020 Just because there exists a significant amount of capital currently sidelined within the crypto market doesn’t mean that it will necessarily be deployed anytime soon, as these investors may be waiting for Bitcoin to reach lower price regions before they reenter positions. In the long-term, however, this is certainly a bullish sign that suggests BTC’s outlook is bright. Featured image from Shutterstock.

0 Like(s)



You should also read...

Altcoins 26/11/19 08:28 by Lorenzo Stroe
Ethereum, Cardano, XRP Pick Up Steam As Bitcoin Looks To Rebound
Bitcoin is currently bouncing back hard after the bulls defended $6,515. The digital asset dropped below $7,000 again and the bears were able to bring BTC down to $6,515 within the next 5 hours, howe...
Read More
Bitcoin 13/07/20 00:00 by Cole Petersen
Bitcoin Faces Brutal Rejection Near $9,400; Why Traders Remain Bullish
Bitcoin faced a brutal rejection at just below $9,400 earlier this morning. This caused the cryptocurrency’s price to reel lower, and bulls are now attempting to defend a crucial support level. BTC�...
Read More
Bitcoin 21/07/20 05:58 by Aayush Jindal
This Technical Pattern Suggests Bitcoin’s $9K Deadlock Could Be Over Soon
Bitcoin is trading above the $9,150 support against the US Dollar. BTC seems to be preparing for a major increase if it succeeds in clearing the $9,200 resistance zone. Bitcoin is still struggling to...
Read More
Bitcoin 30/07/20 01:00 by Cole Petersen
Nearly 93% of the Bitcoin Supply is Profitable; Why This Could be Bad for BTC
Bitcoin’s intense uptrend throughout the past week led its price to highs of $11,400 before it lost some momentum and declined slightly. This latest uptrend has made it so that BTC is less than 45% ...
Read More
Bitcoin 06/07/21 22:00 by Tony Spilotro
Bitcoin Trend Strength Indicator Suggests Bull Run Isn’t Yet Over
Bitcoin price is still stuck well below $35,000 but any attempt to push prices below $30,000 are bought up in minutes. Eventually, one side will have to break, and according to a trend indicator, it c...
Read More