Stablecoins Signal Strong Bitcoin Demand: Could BTC Renew Its ATH Soon?

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Related Reading: Bitcoin Hash Ribbons Flash Buy’ Signal: Analysts See New Highs On The Horizon Stablecoin Supply Ratio Oscillator Reflects Demand Surge BinhDang highlighted that the Stablecoin Supply Ratio Oscillator (SSRO) has reached levels previously seen during Bitcoin’s lows, notably those observed in November 2022.

One factor influencing this rally is a heightened demand reflected in stablecoin movements, a metric often used to gauge market sentiment and potential buy-in for Bitcoin, CryptoQuant analyst BinhDang highlighted this in a recent post on the CryptoQuant QuickTake Platform.

When the oscillator shows low values, as it did during Bitcoin’s November 2022 low, it implies that stablecoins are more likely to be converted into Bitcoin, increasing demand.

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Article Details

Author / Journalist: Samuel Edyme

Category: Crypto

Markets: United Kingdom

Topics: BTCUSDT Crypto market Btc Bitcoin Bitcoin all-time high Crypto Bitcoin Price preidction Bitcoin price analysis Bitcoin

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-30 @ 04:30:19 (2 days ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 428 words

Reading Time: 3 minutes read

Sentences: 73 lines

Sentence Length: 6 words per sentence (average)

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Copyright Owner: © NewsBTC

News ID: 23335004

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