June 24, 2021

On-Chain Analysis: Stablecoin Inflow Dries At Exchanges, Can Bitcoin Bulls Sustain $55k?

3 min read

On Wednesday, March 10, Bitcoin( BTC)revealed strong northward momentum surging over 4%and moving past$57,000 levels. At present Bitcoin is highly combining above $55,500, nevertheless, the decreasing stablecoin inflows and dropping USDT supply at the exchanges can put downward pressure on Bitcoin (BTC).

As CoinGape reported the other day, the short-term whale SOPR reveals indications of further growth. Yesterday, popular Bitcoin analyst whalemap pointed out that Bitcoin (BTC) can consolidate with confidence in the range in between $55K-$58K with a scope of further cost discovery.

However the drop in stablecoin inflows at the exchanges can perhaps injure the potential customers of the Bitcoin bulls. Expert Joseph Young states that a strong breakout above $56K levels will see more capital entering into Bitcoin while accelerating the rally.

But in his follow up tweet, Young further includes:”Market is drawing back, with$BTC and$ ETH weakening. I think stablecoininflows are important to sustain strong upwards momentum. Up until this happens, I will anticipate consolidation after each small go up. “Another on-chain information service provider Santiment keeps in mind that Bitcoin has fairly shown excellent stability in the first 10 days of March. However, it adds that the USDT supply at the exchanges has dropped to levels seen 40 days back. #Bitcoin ' s market value has actually struck a 17-day high, peaking at ~$57,350. Looking at supply on exchanges

BTC) That Can Trigger Northward Momentum On Wednesday, Goldman Sach COO John Waldron told Reuters that it is checking out methods to meet the increasing customer demand to invest and own Bitcoins.”Client demand is rising,”Waldron stated.” We are controlled on what we can do. We continue to examine it … and engage on it. “Goldman has actually recently started … its crypto trading desk and even started dealing in Bitcoin futures. Based on reports from the local publication
  • , Israel-based pension giant Altshuler Shaham divulged that it invested $100 million in the Grayscale Bitcoin Trust (GBTC)throughout the 2nd half of the in 2015. “Altushler has an alternative assets department that has ETH and BTC wallets. They were active in the past at some degree, and are looking into area again,”the source said. London-based crypto fund Nickel Digital Asset Management carried out a recent study that reveals
  • that 85%of them prepare to increase their investments in the crypto space over the next two years. The post On-Chain Analysis: Stablecoin Inflow Dries At Exchanges, Can Bitcoin Bulls Sustain$55k? appeared first on Coingape
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