• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
bitcoin usd crypto dollar btc
Nexo Logo

Top Bitcoin Quant Analyst Says Fresh USD Is Needed For New Highs

Tony Spilotro by Tony Spilotro
1 year ago
in BTC
Reading Time: 3 mins read
Advertisement

Bitcoin price is still plummeting from a rejection at new highs set this weekend, and struggling to maintain support at former resistance levels. On the way down, the buying pressure has been far less than it was on the way up, which has one top cryptocurrency quant analyst warning that fresh USD capital is necessary for new highs.

Here’s what it might take for the leading cryptocurrency by market cap to make a full recovery and move beyond $60,000, according to key fundamental factors.

Fresh USD Inflows To Spot Exchanges Necessary For Further Bull Market Momentum

Bitcoin has been in an ongoing uptrend ever since Black Thursday of last year, when markets crashed globally due to the onset of the pandemic.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

During the last year, months at a time were spent with the most dominant spot exchange in the United States, Coinbase, had a substantial price premium over other stablecoin-denominated exchanges.

Related Reading | Bloody Monday: Bitcoin Selloff Saw Record $1.6B In Liquidations

Cryptocurrency exchanges like Coinbase offer investors a direct fiat on-ramp into Bitcoin, Ethereum, and dozens of altcoins. When cash is pouring into the crypto asset class, the premium appears. When cash is bleeding back out, the premium diminishes, and can even tip in favor of stablecoin trading pairs.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

I think $BTC would take some time to get another leg up in terms of demand/supply.

1/ Too many $BTC holdings in USD compare to stablecoin holdings on spot exchanges.

2/ BTC market cap is too big to get another leg up by leveraging stablecoin market cap solely. pic.twitter.com/daXPaKU3U1

— Ki Young Ju 주기영 (@ki_young_ju) March 17, 2021

According to Crypto Quant CEO and fundamental analyst Ki Young Ju, spot inflows will need to return bringing a fresh supply of USD into the market before new highs are set. For now, there’s simply not enough stablecoin inflows to sustain the current Bitcoin market cap, and a “reset” could be coming.

Fundamentals Suggest Bitcoin FOMO Is Waning, What It Might Take For New Highs

Fundamentals point to lower spot inflows at Coinbase, even despite thousands of coins leaving the platform each week.

Until more money comes flowing in, the leading cryptocurrency by market cap is at risk of losing an important uptrend line, pictured below.

bitcoin fresh usd

Unless significant spot inflows come in, Bitcoin could lose this trendline | Source: BTCUSD on TradingView.com

Losing the trendline would send Bitcoin back to prices around $46,000 where a retest of former support turned resistance would occur. The deeper selloff could bring into question if a double top will form, with a downside target of around $32,000 based on the measure rule.

Related Reading | Data Shows Bitcoin Peaks Last Roughly 40 Days: When To Sell Your Coins

The full correction – if it stops there – would be nearly a full 50% correction in price. At some point along the way, the price per BTC should become attractive enough for spot inflows to return. The only questions that remain, are when that happens and at what price.

Any deeper and the leading cryptocurrency by market cap could be in for another bear market and a full 80% retracement from highs.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

Related Posts

Extreme fear

Market Sentiment Dangerously Negative As Crypto Fear Index Drops To Two-Year Low

6 hours ago
Bitcoin

TA: Bitcoin Price Moves Higher In Range, $30.6K Still Presents Resistance

20 hours ago
Bitcoin

TA: Bitcoin Price Stuck In Key Range, Why Dips Might Be Limited

2 days ago
bitcoin

Eight Consecutive Red Closes: Is Bitcoin Headed For A Recovery?

2 days ago
Bitcoin

Bitcoin Reclaims $30K Territory After Recent Weeks’ Struggle – Analysts Weigh In

3 days ago
Bitcoin

TA: Why Bitcoin Price Could Explode Above $30.6K In Near-term

3 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Chronoly (CRNO) Takes Number 1 Spot at Project To Invest In 2022 Over Fantom (FTM) and Anchor Protocol (ANC)

May 25, 2022

Pancakeswap to Start Listing Metallika token (METALLIKA)

May 25, 2022

Ariva celebrates 1st year anniversary with impressive achievements in the blockchain industry

May 25, 2022

LBank Exchange Will List Globiance Exchange Token (GBEX) on May 25, 2022

May 25, 2022

LBank and Adanian Labs Powers Hackathons, Blockchain Education, and Ecosystem Development for Africa

May 25, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.