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Bitcoin Demand Stacked on Coinbase, Flashing March 2020 Bottom Vibes, According to Popular On-Chain Analyst

Noted on-chain analyst Will Clemente says buy orders for Bitcoin (BTC) on crypto exchange Coinbase to commemorate the bottom of BTC in March 2020.
Clemente tells his 657,400 Twitter followers that BTC bulls have placed big buy orders on Coinbase starting at $17,000 and below.

According to the on-chain analyst, market participants’ eagerness to snag BTC at lower prices bodes well for the king of the world cryptocurrencies.

“Bids in the Bitcoin order book on Coinbase are stacking at $17,000 and below. Many people hope that they can buy BTC at a lower price. The last time the order book was this skewed to the supply side was the grind off the March 2020 lows.
Source: Will Clemente/Twitter
In March 2020, Bitcoin crashed to around $3,700 before embarking on a massive rally that propelled BTC to $64,000 about a year later.

Clemente has also kept an eye on another metric that used to mark Bitcoin’s highs and lows. According to the on-chain analyst shows the ratio between the total market capitalization of the two largest stablecoins and the total crypto market cap are also showing bottom signals.

investment tip Bitcoin Demand Stacked on Coinbase, Flashing March 2020 Bottom Vibes, According to Popular On-Chain Analyst, Crypto Trading News

“The USDC+ ratioUSDT Market Cap/Total Crypto Market Cap continues to roll out of the historical bottom area and respects the channel boundaries… The general idea is that when the ratio is high and at the channel boundaries, a large percentage of the stables [are available] in relation to the crypto market capitalization. if [ratio is] is low, there are a lot of stables that have already been deployed.”
Bitcoin Demand Stacked on Coinbase, Flashing March 2020 Bottom Vibes, According to Popular On-Chain Analyst, Crypto Trading NewsSource: Will Clemente/Twitter
Although on-chain signals appear to be in favor of BTC bulls, Clemente warns that macroeconomic data, due to be released today, could derail Bitcoin’s rally.

“Wednesday’s Consumer Price Index (CPI) release will determine whether this risky bear market rally continues in the near term.”

The CPI is a widely respected measure of the rate of inflation in the US. Says Clemente

“The inflation goes back = the Fed can take their foot off the accelerator. Persistently higher inflation = Fed needs to keep foot on the gas.”

The US Federal Reserve has hiked interest rates to fight inflation, a macroeconomic policy that has sent crypto markets plummeting in recent months.

At the time of writing, Bitcoin is trading at $22,838, down 3% on the day.

Generated Image: Stable diffusion

Source: Crypto News Deutsch

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