Bitcoin (BTC) is a “safe buy” according to a number of on-chain indicators bullish this week.
Collected by the chain monitoring resource CryptoQuant, all in all Ten indicators urge investors to enter the market now.
CryptoQuant: “healthy” Bitcoin indicators
Of the eleven elements that make up the CryptoQuant market overview, Eight are classified as “Buy” and two as “Strong Buy” for Bitcoin. Only one is “neutral” while Neither is “yours”.
“Long-term $ BTC on-chain indicators look healthy”CryptoQuant summarized on Twitter.
The two strongest buy signals come from the so-called Stablecoin Supply Ratio (SSR) and exchange of stablecoin reserves.
It wasn’t until Cointelegraph reported that Both indicators have already given indications of the optimistic mood of traders, and continues despite mixed price activity.
SSR refers to the purchasing power of stablecoin holders in relation to the bitcoin price. Even at $ 11,400 late last month Buyer support was strong and conditions remain ideal at the current price level.
Historical diagram of the supply relationship between Bitcoin and stablecoins. Source: CryptoQuant
The indicators contribute to the positive overall impression of the Bitcoin analysis this month.
Regarding the basics of the network, lHash rate and difficulty are approaching or nearing all-time highsThis underscores the miners’ long-term optimism.
This week the statistician Willy woos He pointed out some other aspects that indicate that price action should now be bullish rather than bearish.
Meanwhile, Plan B, the creator of the stock-to-flow Bitcoin pricing models, urged the BTC / USD pair to begin its next long-term stretch of $ 10,000-100,000, signaling the latest incarnation of its metric.
The only words of caution come from those dealing with non-technical factors such as global macro markets. Robert Kiyosaki, the author of “Rich Dad, Poor Dad”, tooHe warned Tuesday that the discovery of a successful coronavirus vaccine on its own would be enough to crash Bitcoin and other safe havens, at least in the short term.