Pay Attention to This Chart: Is The Bitcoin Rally Beginning?

Cryptocurrency markets revived with the rise in the price of Bitcoin, the largest coin by market cap. So, will the rise in BTC continue? Will we see the long-awaited rally? Here are some analysts’ comments…

CryptoQuant analyst shared an important chart for Bitcoin

In a tweet yesterday, CryptoQuant analyst Maartun shared a chart. The chart was showing the shock momentum of a Stablecoin Supply Ratio (SSR) by BaroVirtual. The analyst pointed out that the chart highlights a buy signal that will indicate a possible bottom price. According to Maartun, 10 of the 11 buy signals the chart shows have led to huge profits over the past two years. The analyst uses the following statements:

This chart signals a potential bottom… SSR Shock Momentum is showing a clear buy signal. In the previous two years, the indicator gave 11 buy signals, of which 10 resulted in huge profits. It is currently giving a buy signal again.

Whales moved their BTC to exchanges

As explained by Maartun, the SSR chart measures the market value of Bitcoin against the market value of all stablecoins. The analyst admits that the buy signal is not foolproof. However, he notes that with appropriate risk management based on previous performances, it may be worth taking the risk. Meanwhile, Bitcoin has had a rough week, as we’ve reported on Cryptokoin.com. BTC fell below $19k for Tuesday and Wednesday. The lackluster price movements can be attributed to sales from old whales and miners, according to CryptoQuant’s highlights this week.

As reported by CryptoQuant on Wednesday, 8 years of 15,000 BTC have been moved over the course of ten days. Moreover, some of them entered the stock markets. Additionally, mining profitability continued to decline. Therefore, miners had to sell their BTC to improve their liquidity. Meanwhile, in a CryptoQuant analysis published yesterday by Abram Chart, the analyst noted that there could be more downside for Bitcoin. Increasing supply inflows to derivatives exchanges is problematic, according to the analyst. Because sellers can easily drive the price down with increased leverage given the extensive macroeconomic conditions.

Is BTC bullish?

BTC faces the possibility of closing the week above $21,500. According to FxPro Financial Services analyst Alexander Kuptskevich, the rise in BTC is a short-term change. “Closing the week at current or higher levels is a bullish sign,” the analyst said. But it will be too early to rise earlier,” he says. The analyst also drew attention to the fact that the total value of the cryptocurrency market has exceeded $ 1 trillion. He argues that we should stay above this level, at least until the end of the week. Currently, the week is hours away and the total cryptocurrency market value is around $1.11 trillion.