The price of the world’s leading cryptocurrency Bitcoin could be primed for more gains and an upcoming bullish momentum. Combined with the entire crypto sentiment, the Stalebcoins Ratio MACD indicator, and the Fear and Greed Index have indicated it.
<h2><strong>Bitcoin Price Due for More Gains</strong></h2>
Data from crypto analytics platform CryptoQuant <a href="https://cryptoquant.com/quicktake/60ae0efe48929a49a044f206-Stablecoins-Ratio-MACD-indicator-says-BTC-has-enough-bullets-to-go-up" target="_blank" rel="nofollow noopener">shows</a> that the Stalebcoins Ratio MACD indicator suggests Bitcoin’s price could be overall positive in the coming times.

The indicator is based upon the total amount of Bitcoin reserves in the U.S. Dollar divided by the stablecoins reserves across all digital asset exchanges.

Currently, the number of stablecoins stored on cryptocurrency exchanges is higher than that of Bitcoins stored on the same platforms. Previously, the correlation between the two has resulted in significant price movements in either direction.

For instance, during the start of the <a href="https://www.cryptoknowmics.com/news/bitcoin-bull-run-starting-suggests-on-chain-metrics/">Bitcoin bull run</a> in September last year, stablecoins were significantly more on crypto exchanges compared to Bitcoins stored on them.

In contrast, the number of BTC exceeded that of stablecoins in early 2021 when the digital asset retraced by several thousand dollars.

Much like the Stablecoins Ratio MACD, when Bitcoin’s Fear and Greed Index goes to extreme greed, prices start to retrace and vice-versa.

The Greed index was above 75 in mid-April when Bitcoin topped $65,000 for its latest ATH, shortly after which the cryptocurrency began its gradual decline.

Currently, the Index is in an “extreme fear” state (at 22) for over a week, suggesting the cryptocurrency could indeed be heading potentially upwards.
<h2><strong>Various Factors Influencing Bitcoin's Price</strong></h2>
Bitcoin price dropped last week due to various reasons from the rising fear of high interest rates due to rising U.S. inflation leading to Americans selling off their holdings for tax reasons.

Meanwhile, there is a lingering fear that Chinese authorities will crack down on cryptocurrencies after the People’s Bank of China (PBOC) warned financial entities against cryptocurrency transactions.

At the same time a few weeks ago, <a href="https://www.cryptoknowmics.com/news/as-tesla-suspended-btc-payment-bitcoin-suffer-loss-of-6-in-an-hour/">Tesla</a> announced dismissing Bitcoin as payment due to environmental concerns, resulting in the price of the cryptocurrency going downwards hill.

Responding to this, <a href="https://www.cryptoknowmics.com/news/china-renews-call-to-crack-down-on-bitcoin-mining-and-trading/">China went on a clampdown</a> on exchanges and mining activities.  As the country is responsible for an estimated 70% of the global crypto supply, its decision added significantly to the ongoing crypto price crash.

Analysis Shows that Bitcoin Price Due for More Gains

The price of the world’s leading cryptocurrency Bitcoin could be primed for more gains and an upcoming bullish momentum in the future.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Analysis Shows that Bitcoin Price Due for More Gains

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