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- The stablecoin ratio of Bitcoin exchanges has fallen to a 12-month low.
- The coin is currently experiencing its longest period characterized by bullish sentiment.
Bitcoin’s [BTC] Exchanges’ stablecoin ratio has fallen to its lowest level since March 2023, according to data from CryptoQuant. As of this writing, he is at 0.00009749, down 15% since the beginning of the year.
A Bitcoin exchange’s stablecoin ratio tracks potential buying pressure in the coin market. This is done by comparing the number of BTC held on all cryptocurrency exchanges to the total amount of stablecoins held on those exchanges.
If this ratio is high and trending upward, it suggests that more BTC is held on exchanges compared to stablecoins, indicating increasing selling pressure. On the contrary, there are more stablecoins on the exchange compared to his BTC, so a low ratio indicates increasing buying pressure.
Confirming the above position, CryptoQuant’s pseudonymous analyst CryptoOnchain stated in a recent report:
“With less than a month left until Bitcoin’s halving, Bitcoin is fluctuating between $62,000 and $73,000. From a technical analysis perspective, the trend is for Bitcoin to break out of this range. Indicative of Bitcoin’s future trends, analysis of the exchange rate stablecoin ratio shows that selling pressure is at its lowest level since March 2023.
The analyst said that due to reduced selling pressure, there is still a chance of an increase “along with the halving”, even though the price faces new resistance at the $70,000 price level.
Bullish sentiment in the long term
Another CryptoQuant analyst, Crypto Sunmoon, discovered that Bitcoin had reached a new milestone while evaluating the performance of the BTC futures market.
According to the analyst, the coin’s funding rate on exchanges indicates that it is currently experiencing the longest period of bullish sentiment without experiencing the “longest period of bearish sentiment in the history of the Bitcoin futures market.” It is said that it is showing.
According to Sunmoon, it is still unclear when the bull market will end, but a significant drop in BTC price could be a buying opportunity.
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BTC futures open interest has turned to an upward trend after a temporary decline, so the bullish trend is expected to continue in the short term. As of this writing, the coin’s open interest was $39.03 billion.increased by 12% in the past five days, according to coin glass” data
According to the article, at the time of writing, the leading crypto asset is trading at $70,446, marking a 7% price increase over the past week. CoinMarketCap data.
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