Bitcoin (BTC) is a firm “buy” according to a range of on-chain indicators that are flashing bullish this week.
Collected by on-chain monitoring resource CryptoQuant, a total of ten indicators are currently telling investors to enter the market now.
CryptoQuant: Bitcoin indicators “healthy”
Of the eleven items that form CryptoQuant’s market overview, eight are classified as “buy” and two as “strong buy” for Bitcoin. Only one is “neutral,” while none are “sell.”
“Long-term $BTC on-chain indicators look healthy,” CryptoQuant summarized on Twitter.
The two strongest buy signals come from the so-called stablecoin supply ratio (SSR) and exchange stablecoin reserves.
As Cointelegraph recently reported, both indicators have already given bullish hints about trader sentiment, and continue despite mixed price activity.
SSR refers to the purchasing power of stablecoin holders relative to the Bitcoin price. Even at $11,400 late last month, buyer support was strong, and conditions remain ideal at current price levels.
Bitcoin stablecoin supply ratio historical chart. Source: