{"id":339217,"date":"2023-08-29T11:00:52","date_gmt":"2023-08-29T05:30:52","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=339217"},"modified":"2023-08-29T11:28:07","modified_gmt":"2023-08-29T05:58:07","slug":"bitcoin-btc-takes-a-trip-back-to-the-covid-era-heres-how","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-btc-takes-a-trip-back-to-the-covid-era-heres-how\/","title":{"rendered":"Bitcoin [BTC] takes a trip back to the COVID era \u2014 Here\u2019s how"},"content":{"rendered":"<ul>\n<li><em>Taker buy\/sell ratio spikes, indicating the neutralization of the sell-offs.<\/em><\/li>\n<li><em>The Stablecoin Supply Ratio decreased, implying how the market has refrained from buying BTC.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The recent price movements of <\/span><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><span style=\"font-weight: 400;\"> have raised comparisons to the volatile period during the onset of the COVID-19 pandemic. Often considered a store of value and a hedge against economic uncertainties, Bitcoin experienced significant price fluctuations between 2019 and 2021, and this swing in prices laid the grounds for its $69,000 All-Time High (ATH) in 2021.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin\u2019s [BTC] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2023-2024<\/span><\/p>\n<hr \/>\n<h4><b>BTC: Back to the pandemic\u00a0<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Korean on-chain analyst Mignolet, in his latest CryptoQuant publication, did not point out a possible movement for a price hike. Instead, he used the taker buy\/sell ratio to explain the resemblance between Bitcoin\u2019s consolidation in this cycle, and as of then.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/64ebf667c36ce81732ffa20f-Will-the-hidden-whales-remain-still\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">taker buy\/sell<\/span><\/a><span style=\"font-weight: 400;\"> ratio is calculated as the buy volume divided by the sell volume in perpetual swap traders. When the ratio is above 1, it means that bullish sentiment is dominant. On the other hand, values under 1 suggest a bearish sentiment.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Mignolet, the taker buy\/sell ratio spiked as it did around April 2023. The analyst highlighted that BTC consolidated around that price due to the sudden spike. However, the extensive involvement of whales afterward triggered the price rise months later. So, will it be the same case this time?<\/span><\/p>\n<figure id=\"attachment_339224\" aria-describedby=\"caption-attachment-339224\" style=\"width: 859px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-28-at-12.13.34.png\"><img decoding=\"async\" class=\"size-full wp-image-339224\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-28-at-12.13.34.png\" alt=\"Bitcoin taker buy\/sell ratio\" width=\"859\" height=\"516\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-28-at-12.13.34.png 859w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-28-at-12.13.34-300x180.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-28-at-12.13.34-768x461.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-28-at-12.13.34-590x354.png 590w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-28-at-12.13.34-400x240.png 400w\" sizes=\"(max-width: 859px) 100vw, 859px\" \/><\/a><figcaption id=\"caption-attachment-339224\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Lately, Bitcoin has been consolidating between $25,000 and $26,000. This has been the case since the severe sell-offs experienced a few weeks back. But upon considering the seller exhaustion constant, Glassnode showed that it rose to 0.0078.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;category=Market%20Indicators&amp;m=indicators.SellerExhaustionConstant\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">seller exhaustion constant<\/span><\/a><span style=\"font-weight: 400;\"> uses the percentage supply in profit and 30-day price volatility when there are high losses or low-risk bottoms. To confirm increasingly high losses the seller exhaustion constant and supply in profit need to align.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But at the time of writing, while the percentage supply in profit decreased, seller exhaustion constantly increased. This was a sign that the <\/span><a href=\"http:\/\/ambcrypto.com\/why-bitcoin-prices-might-fall-off-a-cliff-soon\/\"><span style=\"font-weight: 400;\">sellers\u2019 control<\/span><\/a><span style=\"font-weight: 400;\"> had diminished. Therefore, BTC is not expected to plunge significantly.<\/span><\/p>\n<figure id=\"attachment_339221\" aria-describedby=\"caption-attachment-339221\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_bitcoin-seller-exhaustion-constant.png\"><img decoding=\"async\" class=\"size-full wp-image-339221\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_bitcoin-seller-exhaustion-constant.png\" alt=\"Bitcoin seller exhaustion constant\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_bitcoin-seller-exhaustion-constant.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_bitcoin-seller-exhaustion-constant-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_bitcoin-seller-exhaustion-constant-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_bitcoin-seller-exhaustion-constant-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_bitcoin-seller-exhaustion-constant-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-339221\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<h4><b>Consolidation because\u2026<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">And since there was a <\/span><a href=\"http:\/\/ambcrypto.com\/bitcoin-stalls-at-26k-as-supply-in-profit-declines\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">dearth of buyers<\/span><\/a><span style=\"font-weight: 400;\"> in the market, the coin would only continue to hover around the aforementioned values.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Another metric that confirms that decrease in buying power is the <\/span><a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;m=indicators.Ssr\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Stablecoin Supply Ratio (SSR)<\/span><\/a><span style=\"font-weight: 400;\">. This metric is defined as the ratio between Bitcoin supply and the supply of stablecoins, denominated in BTC.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">How much are <\/span><span style=\"font-weight: 400;\">1,10,100 BTCs worth today<\/span><span style=\"font-weight: 400;\">?<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">When the SSR is low, the current stablecoin supply has more buying power to purchase BTC. As an indicator of the supply\/demand mechanics between BTC and USD, a decrease in the SSR like it was at press time, suggests a fall in buying power.<\/span><\/p>\n<figure id=\"attachment_339223\" aria-describedby=\"caption-attachment-339223\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_bitcoin-stablecoin-supply-ratio-ssr-4.png\"><img decoding=\"async\" class=\"size-full wp-image-339223\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_bitcoin-stablecoin-supply-ratio-ssr-4.png\" alt=\"Bitcoin stablecoin supply ratio\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_bitcoin-stablecoin-supply-ratio-ssr-4.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_bitcoin-stablecoin-supply-ratio-ssr-4-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_bitcoin-stablecoin-supply-ratio-ssr-4-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_bitcoin-stablecoin-supply-ratio-ssr-4-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/glassnode-studio_bitcoin-stablecoin-supply-ratio-ssr-4-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-339223\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The increase in seller exhaustion and decrease in Bitcoin supply in profit suggest a consolidation season last seen during the pandemic.<\/p>\n","protected":false},"author":72,"featured_media":339220,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-339217","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - 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