Has Bitcoin Hit Bottom? CryptoQuant: Indicators have rebounded, stablecoin liquidity is still the main obstacle

This site (120BTc.coM): According to a report by the analysis agency CryptoQuant, the current price of Bitcoin may have reached a local low, and multiple indicators have also rebounded to key levels, showing positive and positive price momentum. However, the company’s CEO Ki Young Ju also stated that the relatively scarce stablecoin liquidity is still one of the main factors hindering price increases.

Bitcoin has reached a local price bottom

CryptoQuant analysts pointed out in a weekly insight report yesterday (18) that the significant decline in Bitcoin prices last week has caused investors to bear a loss of up to 2.5 billion US dollars. Realized Loss (Realized Loss) shows the arrival of a local price bottom.

Bitcoin Bull and Bear Market Cycle Indicator

Earlier this month, CryptoQuant also quoted data such as Bitcoin’s real computing power decline rate, BTC exchange reserves, and the Miner Position Index (MPI), also expressing the market’s impact. Bottom point of view.

Stablecoin liquidity is still insufficient

However, Ki Young Ju also stated that even though the market value of stablecoins has continued to rise since early July and hit a new high last week, the current stablecoin liquidity is still not enough to drive A comprehensive bull market.

Stablecoin market capitalization growth

As the report mentioned: USDT’s market capitalization growth for the month remains close to zero, which inhibits the potential for Bitcoin price growth.

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