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

2020-4-2 03:00

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.

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Bitcoin Could See an Intense Reversal if It Breaks Below this Critical Level

Bitcoin has been caught within the throes of intense turbulence over the past day, with the cryptocurrency incurring a violent selloff yesterday that sent it reeling from $10,200 to lows of $9,200. In the time since this capitulatory drop, Bitcoin has been able to climb higher, and its early-morning volatility seems to suggest that bulls and bears are currently engaged in an intense battle for control over the cryptocurrency.

2020-2-20 20:24


Bitcoin bulls defend against massive selling pressure; how long will they sustain?

Bitcoin’s recent sell-off was further perpetuated by bears last night when they garnered enough strength to push BTC back down to its key short-term support level that currently exists at $8,500. The cryptocurrency’s bulls have been able to defend this level over the past 24-hours and have begun to gain some upwards momentum as they […] The post Bitcoin bulls defend against massive selling pressure; how long will they sustain? appeared first on CryptoSlate.

2020-1-21 14:10


Breaking This Line Could Cause Bitcoin to Turn Parabolic and Rally 1000%

It is beginning to look increasingly as though Bitcoin’s (BTC) recent rally from its early-January lows of $6,800 to its recent highs of $8,900 is much more than a fleeting relief pump. BTC bulls have been able to hold the crypto within the upper-$8,000 region for the past day, signaling that buyers currently have enough... The post appeared first on NewsBTC.

2020-1-16 00:00


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Bitcoin Price Could Drop Down To $7000; Diamond Top Breakdown Confirms Right Shoulder

Bitcoin price continues to free-fall after a failed bullish rally. New signals and a breakdown of two confirmed patterns point to bearish downside targets in the low $7,000 range. Bitcoin Forms Elusive Diamond Top, Signaling a Deep Drop  On Friday, October 18, Bitcoin price set a higher low at roughly $7,800, signaling that bearish sell pressure may be waning.

2019-10-24 20:34