BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

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

Bitcoin Demand on Coinbase Stacked, Flashing March 2020 Bottom Vibes, According to Popular On-Chain Analyst
Widely followed on-chain analyst Will Clemente says Bitcoin ( BTC ) buy orders on crypto exchange Coinbase are reminiscent of BTC’s bottom in March 2020.
Clemente tells his 657,400 Twitter followers that BTC bulls on Coinbase have placed thick buy orders from $17,000 and below.

According to the on-chain analyst, the eagerness of market participants to catch BTC at lower prices bodes well for the king crypto.
“Bids in the Bitcoin orderbook on Coinbase are stacked down from $17,000 and below. A lot of people are hoping to buy BTC lower. The last time the orderbook was this skewed to the bid-side was the grind up from the March 2020 lows.”
Source: Will Clemente/Twitter
In March 2020, Bitcoin crashed to around $3,700 before launching a massive rally that propelled BTC to $64,000 about a year later.
Clemente also has his eye on another metric that has previously marked the tops and bottoms of Bitcoin. According to the on-chain analyst, the ratio between the total market cap of the two largest stablecoins and the total crypto market cap is also flashing bottom signals.
“USDC+USDT market cap/total crypto market cap ratio continues to roll off of the historical bottoming area, respecting the channel bounds… General idea is that when the ratio is high and at channel bounds, large percentage of stables [are available] to be deployed relative to crypto market cap. When [ratio is] low, there’s a lot of stables that have already been deployed.”
Source: Will Clemente/Twitter
Although on-chain signals appear to be favoring BTC bulls, Clemente warns that macroeconomic data scheduled to be released today could derail Bitcoin’s bounce.
“CPI (consumer price index) announcement on Wednesday dictates if this risk-on bear market rally continues in the short term.”
The CPI is a widely tracked measure of the US inflation rate. Says  Clemente,
“Inflation rolling over = Fed can take foot off gas. Inflation persisting higher = Fed has to keep foot on the gas.” 
The US Federal Reserve has been raising interest rates in an effort to combat inflation, a macroeconomic policy that has kept the crypto markets bearish over the past months.
At time of writing, Bitcoin is swapping hands for $22,838, down 3% on the day.
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter , Facebook and Telegram

Surf The Daily Hodl Mix



Check Latest News Headlines



 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Stablediffusion
The post Bitcoin Demand on Coinbase Stacked, Flashing March 2020 Bottom Vibes, According to Popular On-Chain Analyst appeared first on The Daily Hodl .

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Cool to know huh? Read the full Article

Read the full Article:  ⭲ Bitcoin Demand on Coinbase Stacked, Flashing March 2020 Bottom Vibes, According to Popular On-Chain Analyst


Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News



SneakPeek Script
Setup, Upload and Go!