The release of customer cpi Index (CPI) statistics in the United States in December contributed to a sharp rise and fall in the price of BTC. Within minutes of the release of CPI data, BTC prices fell slightly by 2% to 6.5%-after that, BTC prices experienced a rapid rise of 6.7% in the next six hours.
Although the increase at this stage is only gradual, it still needs to break through the $19248 barrier. Only when the double head can get rid of this friction resistance can the outlook of the rising market be maintained. Failure to do so may result in a substantial adjustment, but it is much more likely to happen.
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According to the data obtained by CryptoQuant, the Sablecoin Supply Ratio (SSR) value exceeds 75, and history tells us that this is also a sign of sales. The stable coin supply ratio (SSR) refers to the ratio calculated by dividing the total market value of all stable coins by the market value of bitcoin. According to the total market capitalization of each of these loan coins, it shows the strong level of Bitcoin's long-term stability compared with each other at this stage.
On the other hand, you have already seen that when the SSR value is less than 25, it is usually a hidden breakthrough. Objectively speaking, the relatively high use value means that a stable supply of coins can be compared with the total amount of bitcoins in the market, indicating that the job pressure is likely to be low and there may be a price reduction. The relatively low data suggest that the supply of stable coins is relatively high compared to the total market capitalization of Bitcoin, suggesting that there may be a potential price increase under implicit buying pressure.
Although it doesn't mean a big reversal, Bitcoin is still likely to soar to the $20, 000 psychological barrier, but a SSR of less than 40 in the coming months is to be expected. REKT Capital, a well-known expert on cryptocurrency trading, said that everything is worth buying and selling for less than $20, 000.
As things stand, the price of BTC is $19253 at this stage. That means an increase of 1.50% for the day, but 6.37% a week, according to CoinGape's login password sales market tracking organization.
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Tue, 18 Apr 2023