Hello my fellow bloggers! Today we will talk about some positive metrics for BTC price. Let’s dive in and investigate.
Bitcoins price is speculative and highly depends on supply and demand. When BTC is moved to exchanges, the price goes down. When investors and miners are not ready to sell at current price, the supply decreases and the price goes up. Another important factor is the balance of stablecoins. The main pair for BTC on any exchange are stablecoins. The chart below shows the current market situation.
These metrics look promising. BTC reserve on all centralized exchanges continues to decrease. For now, this trend is obvious. At the same time, stablecoins are minted in extremely large amounts. USDT amount just surpassed $40 billion. Stablecoins supply on exchanges is close to its all-time high. All this sets a very positive picture for BTC price.
Another positive sign is shown on the chart above. It tells us miners are not selling BTC. Miners expect the price of BTC to rise and are not ready to sell mined coins at the current price. This means BTC has less sell pressure, which is positive for BTC price. What do you think about BTC price? Will it go up? Let me know in the comments below!
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I’m not a financial of any kind. I encourage you to check all information yourself and make decision only based on your own opinion. All articles are created for solely entertainment purpose.
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