Bitcoin is a firm "Buy" according to a range of on-chain indicators that are flashing bullish this week.
Of the eleven items that form CryptoQuant's market overview, eight are classified as "Buy" and two as "Strong buy" for Bitcoin.
"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 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.
The indicators add to the overall positive impression being given by Bitcoin's technicals this month.
PlanB, the creator of the stock-to-flow Bitcoin price models, meanwhile called for BTC/USD to begin its next long-term leg up from $10,000 towards $100,000, pointing to the latest incarnation of his metric.
Robert Kiyosaki, the author of "Rich Dad Poor Dad," warned on Tuesday that the discovery of a successful coronavirus vaccine alone would be enough to "Crash" Bitcoin and other safe havens, at least in the near term.
These 10 Bitcoin price indicators say BTC is now a buy or 'strong buy'
Published on Sep 16, 2020
by Cointele | Published on Coinage
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