Journalist
Posted:
- OKX and Binance saw an influx of stablecoin supply ahead of price increases
- Most Metrics Looked Bullish When BTC Price Crossed the $26,000 Level
The crypto market has been relatively less volatile thanks to major cryptos like Bitcoin [BTC] moving sideways. However, the winds appear to be changing as top exchanges have witnessed an influx of stablecoins, something that is typically a sign of a potential bull rally. If that’s true, Bitcoin investors may want to keep an eye on their investments as the chances of a price increase seem high.
Read Bitcoins [BTC] Price prediction 2023-24
Bitcoin gives hope to investors
After hovering below the $26,000 mark for several weeks, the king of all cryptos finally made his investors happy when he breached that level. According to CoinMarketCapBTC has risen more than 3% in the past seven days. At the time of writing, it was trading at $26,739.04 with a market cap of over $521 billion. However, things may soon get even better.
Crypto_Lion, an analyst and author at CryptoQuant, revealed in a recent analysis that top exchanges such as OKX and Binance have seen an influx of stablecoins ahead of price increases. Although there is currently no significant movement in the Stablecoins Exchange Reserve, its demand is becoming more positive. A decrease in the supply of stablecoins means a halt in fund outflows, which could prevent the crypto market from falling further – A positive sign for BTC.
Source: CryptoQuant
Bitcoin at a major support level
Another hopeful incident was noted by CryptoCon as it revealed a trendline pointing to a BTC rally. The tweet mentioned a “basic trend” that has been tested a few times in history. After falling below the trendline, whenever the price of BTC has recovered, it has never returned to that lower level.
The middle of the #Bitcoin cycles all balance on what I would call a ‘basic trend’.
It’s quite common for the price to experience a huge, unsustainable rise early in the cycle, where the first early top (yellow dots) occurs.
These aggressive climbs can’t possibly… pic.twitter.com/agUGkszudO
— CryptoCon (@CryptoCon_) September 17, 2023
At the time of writing it is BTCThe price of the cryptocurrency was tested at the support level and if it manages to hold that support, investors could see the price increase of the crypto in the coming days. Interestingly, a look at BTC’s on-chain metrics revealed the big opportunity BTC remains above the trend line.
For example, the exchange rate reserve fell on the chart, meaning the currency is not under selling pressure. Another bullish indicator was net unrealized gain and loss (NUPL). Moreover, miners’ confidence in BTC is also high, as evidenced by the green Miners’ Position Index (MPI).
Source: CryptoQuant
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Furthermore, Coinglass data revealed that even though the price of BTC rose, Open Interest also rose.
When the Open Interest rises, it usually indicates that more capital is coming into the market for that option. Therefore, the possibility of BTC continuing its uptrend is high.
Source: Coinglass