Bitcoin Is Close to Touching $100,000 as Stablecoin Ratio Drops to Lowest Level Since 2024

Bitcoin, or BTC, has traded in a specific range, with resistance at $98,804 and support at around $94,603. There are signs from the chain signals that this leading cryptocurrency may be preparing for a significant upward shift. The ratio of Stablecoin on the exchange has decreased significantly, indicating increased buying pressure on exchanges. This shift in market dynamics has led to speculation that Bitcoin may be on the verge of a price increase, potentially breaking through the current price range and reaching a new high. The performance of Bitcoin and market dynamics The recent trading range of Bitcoin reflects a consolidating market, with the price struggling to break through the resistance level of $98,804 while still holding steady above the support level of $94,603. The daily RSI at 61.41 indicates a moderate upward momentum, but no clear breakout signal has been observed yet. Despite the stagnant price, OBV still maintains an upward trajectory, indicating continuous buying pressure. The divergence between price and OBV suggests hidden potential for price increase. The decrease in Exchange Stablecoin Ratio reinforces this view, indicating increasing buying power on exchanges. The impact of the Stablecoin exchange rate and holding The Stablecoin ratio of the Exchange is currently at 0.000060, the lowest level in 2024, indicating significant buying power on the exchanges. This index reflects an increasing supply of stablecoins compared to Bitcoin, signaling that investors are in a good position to buy BTC. The increase in hoarding behavior among short-term Bitcoin holders is also noteworthy. CryptoQuant data shows a 36% increase in their average holding period over the past month. This reduces immediate selling pressure, promotes scarcity in the market, and enhances price stability. These motivations, the low Stablecoin exchange rate, and the increasing confidence of holders raise the potential to surpass Bitcoin's resistance level of $98,804, with $100,000 increasingly within reach. As of now, Bitcoin is trading at $95,323, slightly below the key resistance level of $98,804. Stable money flows into exchanges, as reflected in low exchange stability ratios, indicating significant buying power that can drive demand. If short-term holders continue their 'HODL' strategy and investor sentiment remains optimistic, Bitcoin could surpass this resistance level and move closer to the psychological mark of $100,000. However, any increase in selling pressure could see BTC consolidate within the current range or revisit the important support level of $94,603 before attempting another breakthrough.