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Today, a report was released by Arcane Research in partnership with Bitcoin trading platform Bitstamp outlining the case for BTC as the future of collateral
Coinbase Bitcoin Outflows Are The Strongest Bullish Signal “Ever”
Bitcoin price is trading above $50,000 once again, following a short-lived correction below the key level. Bullish news that Coinbase had filed to go public helped send the price higher this morning, but the real strength in the cryptocurrency comes from outflows leading the exchange.
Here’s why one top quant analyst says that the 13K BTC outflows are the “strongest bullish signal” they’ve “ever seen.”
13,000 Bitcoin Leave Coinbase, Bought Below $50,000 Price Level During Dip
A massive whale recently sold down the current peak of the ongoing Bitcoin rally, but according to Coinbase outflows institutions were ready in wait, buying the dip with whatever capital they could.
Bulls were able to prevent the pattern from fully forming, stopping the candle short of the 50% engulfing requirement. The pattern and minor pullback was enough to lure bears in a trap, and this morning short sellers were squeeze and Bitcoin blasted through resistance to set yet another new high.
Coinciding with the rise, was a sizable uptick in stablecoin transactions that one cryptocurrency quant analyst says was used as “rocket fuel” by whales to pump BTC prices even higher.
Stablecoin transactions were buzzing ahead of the rally | Source: CryptoQuant
$50,000 Bitcoin Is Next, But Will Tether Eventually Implode?
According to CryptoQaunt CEO Ki Young Ju, Bitcoin is on its way to $50,000 per coin after whales have started revving the engines using stablecoins as “rocket fuel.”
The leading cryptocurrency continues to absorb any and all capital in its path, causing its price and market cap to expand. The recent uptrend and price