{"id":171018,"date":"2020-08-28T14:00:44","date_gmt":"2020-08-28T13:00:44","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=171018"},"modified":"2020-08-28T07:49:50","modified_gmt":"2020-08-28T06:49:50","slug":"this-on-chain-metric-shows-bitcoin-could-be-on-the-cusp-of-an-explosive-upswing","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/this-on-chain-metric-shows-bitcoin-could-be-on-the-cusp-of-an-explosive-upswing\/","title":{"rendered":"This on-chain metric shows Bitcoin could be on the cusp of an explosive upswing"},"content":{"rendered":"

It has been a rough day for Bitcoin, with the benchmark cryptocurrency seeing intense turbulence that has caused its price to oscillate between highs of $11,600 and lows of roughly $11,100.<\/p>\n

The decline that the cryptocurrency has seen throughout the past few hours came about after BTC failed to sustain the momentum that was sparked by the Federal Reserve chairman\u2019s recent speech.<\/p>\n

Investors initially treated news of the Fed\u2019s plan to let inflation run hot over the coming years as being bullish for Bitcoin, pushing it from $11,300 to $11,600.<\/p>\n

Despite rising inflation rates being undeniably positive for hard assets like Bitcoin, the crypto\u2019s upswing proved to be short-lived and was followed by a sharp decline that erased all of its gains.<\/p>\n

There is one on-chain metric, however, that seems to bolster BTC\u2019s near-term outlook, as it shows that there is a significant amount of \u201cdry powder\u201d on the sidelines that could fuel an explosive upswing.<\/p>\n

Bitcoin faces grim rejection at $11,600 as momentum falters<\/strong><\/h2>\n

At the time of writing, Bitcoin<\/a> is trading down over two percent at its current price of $11,200.<\/p>\n

This marks a notable decline from its daily highs of $11,600 that were set in the minutes following the announcement of the Federal Reserve\u2019s policy shift towards inflation.<\/p>\n

Immediately after these highs were hit, the cryptocurrency\u2019s price dived to lows of $11,150.<\/p>\n

Buyers are currently attempting to defend against it seeing any further downside, but its near-term outlook is looking increasingly bearish.<\/p>\n

This on-chain metric shows that BTC\u2019s mid-term outlook remains bright<\/strong>\u00a0<\/strong><\/h2>\n

Despite the short-term turbulence that has rocked Bitcoin\u2019s mid-term trend, one set of on-chain data bodes that well for the cryptocurrency is its current Stablecoin Supply Ratio (SSR).<\/p>\n

Analytics platform Glassnode<\/a> spoke about this metric in a recent tweet<\/a>, explaining that the massive quantity of sidelined stablecoins suggests that BTC has massive upside potential at its current price levels.<\/p>\n

The SSR is also three times stronger than where it was when Bitcoin was trading in the $11,000 region just over one year ago,<\/p>\n

\u201cThe current Stablecoin Supply Ratio (SSR) indicates a high buying power of stablecoins over Bitcoin \u2013 and therefore an increased potential for an upwards movement of BTC. SSR is 3x stronger than it was when BTC hit these price levels over a year ago.\u201d<\/p><\/blockquote>\n

\"Bitcoin\"
Image Courtesy of Glassnode<\/figcaption><\/figure>\n

This sidelined capital could also help extend the longevity of Bitcoin\u2019s next mid-term uptrend, potentially allowing it to ultimately set fresh post-2017 highs.<\/p>\n","protected":false},"excerpt":{"rendered":"

It has been a rough day for Bitcoin, with the benchmark cryptocurrency seeing intense turbulence that has caused its price to oscillate between highs of $11,600 and lows of roughly $11,100. The decline that the cryptocurrency has seen throughout the past few hours came about after BTC failed to sustain the momentum that was sparked […]<\/p>\n","protected":false},"author":174,"featured_media":171039,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120],"tags":[60786,63036],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nThis on-chain metric shows Bitcoin could be on the cusp of an explosive upswing<\/title>\n<meta name=\"description\" content=\"There is one metric that shows there is a significant amount of \u201cdry powder\u201d on the sidelines that could fuel an explosive Bitcoin upswing.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/this-on-chain-metric-shows-bitcoin-could-be-on-the-cusp-of-an-explosive-upswing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"This on-chain metric shows Bitcoin could be on the cusp of an explosive upswing\" \/>\n<meta property=\"og:description\" content=\"There is one metric that shows there is a significant amount of \u201cdry powder\u201d on the sidelines that could fuel an explosive Bitcoin upswing.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/this-on-chain-metric-shows-bitcoin-could-be-on-the-cusp-of-an-explosive-upswing\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-28T13:00:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-08-28T06:49:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/bitcoin-swing.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Cole Petersen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cole Petersen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/this-on-chain-metric-shows-bitcoin-could-be-on-the-cusp-of-an-explosive-upswing\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/this-on-chain-metric-shows-bitcoin-could-be-on-the-cusp-of-an-explosive-upswing\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#person\",\"name\":\"Cole Petersen\",\"url\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"caption\":\"Cole Petersen\"},\"jobTitle\":\"Journalist\",\"description\":\"Cole is a freelance journalist and university student studying philosophy. 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