Bitcoin has remarkably bulged above its consolidation range and is on track for new price discovery. Since the first-ever digital currency dropped from its earlier attained all-time high of around $61,683.86, market trends have been remarkably unfavorable, creating a barrier for the coin from crossing above the $60,000 psychological level.
Less Bitcoin Sellers In the Market
There is the likelihood of a twist in the market as on-chain metrics indicate a bullish Stablecoin Supply Ratio (SSR). The SSR is the metric that is used to showcase the selling trends featuring the influence of stablecoins in relation to Bitcoin. It is obtained by dividing the total BTC reserve on exchanges by the total stablecoin reserves.
As data provider CryptoQuant noted, the total stablecoin reserve on trading platforms is high owing to the increasing supply of USDC. At this time, the SSR is low, depicting a reduced intention to sell Bitcoins and take profits amid the on-going bull run.
Source: CryptoQuant
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