Bitcoin holders are accumulating BTC, plus BTC Stablecoin Supply Ratio is at an ATL, here’s why it may be good for Bitcoin price

By Selena On Jun 3, 2021

Bitcoin price rallied to near $40,000 as bulls gathered increasing signals that the dip is in. Furthermore, data from CryptoQuant also shows that the Bitcoin hash rate rebounded and miners seem to be accumulating BTC.

Source: CryptoQuant

Bitcoin price nears $40,000 amid warning BTC will correct before bull market resumes

Accordingly, the data indicates that miners are holding BTC. Furthermore, the SSR indicator is hitting the ATL for a week. Another tweet from Glassnode has announced that the BTC Stablecoin Supply Ratio (SSR) (7-day MA) has dropped to a historic low of 6.861.

? #Bitcoin $BTC Stablecoin Supply Ratio (SSR) (7d MA) just reached an ATL of 6.861

View metric:https://t.co/AR9JEKADBL pic.twitter.com/iUaOMPtLu2

— glassnode alerts (@glassnodealerts) June 3, 2021

This metric shows the purchasing power of stablecoins relative to Bitcoin. If it dives, the present stablecoin supply would have greater purchasing power for the flagship digital currency.

Now, the coming days are eyeing a confirmation of a breakout or a rejection – volatility has been forecast to emerge by the end of the week.

For popular trader Crypto Ed, the market may need another short-term bearish test before turning back to a higher price.

Out of my ETH scalp longs from early this morning (very early).
I think we’re close to a reversal and a correction during the day before up again.
BTC to $36k and ETH $2500 ?

Might be a boring day….

— Crypto_Ed_NL (@Crypto_Ed_NL) June 3, 2021

At the moment, selling pressure on Bitcoin from BTC holders is at its lowest point since November of last year. Meanwhile, as mentioned above, the Bitcoin Stablecoin Supply Ratio has hit an all-time low. Both factors are good for the flagship cryptocurrency.

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