CryptoQuant: 10 out of 11 indicators support buying bitcoin
Bitcoin gained just 2% this Wednesday, but that was enough for the first cryptocurrency to return to levels above $ 11,000.
Having dropped below $ 10,000 last week after another unsuccessful attempt to break through $ 12,000, the cryptocurrency has partially recovered. Over the past 7 days, its rate has increased by 9%.
CryptoQuant analysts claim that of the 11 blockchain-level indicators they use to gauge market conditions, 10 lean towards buying. Eight indicators were categorized as “buy”, two – “confident buy”, one – “neutral”.
Long-term indicators of bitcoin at the chain level look healthy, analysts say.
The most positive signals were received by indicators of the ratio of supply of stablecoins (SSR) and exchange reserves of stablecoins. SSR reflects the purchasing power of stablecoin holders relative to the current bitcoin price. Previously, both of them were already classified as bullish and remained so, despite the uncertain market behavior.
Analyst Willie Wu, in a series of tweets on September 14, expressed a similar opinion: “There has been another impulse to transfer coins between investors. The next directional move in the coming weeks is likely to go up. It is highly unlikely that we will see a catastrophic dump from here “.
Today’s skeptics include the author of the bestselling Rich Dad Poor Dad by Robert Kiyosaki. On Twitter, he spoke about the threat of successful trials of the coronavirus vaccine.
“What happens when the vaccine is tested? – he wrote. – Gold, silver and bitcoin will collapse “.
At the same time, Kiyosaki is confident that the fall will only provide new buying opportunities, and the growing US national debt should be considered a real problem. “Gold, silver and bitcoin are the best investments in the long term,” he adds..