Stablecoin

Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-analysis-by-cryptoquant-researcher/" data-wpel-link="internal">Bitcoin Price Analysis by CryptoQuant Researcher</a> 
CryptoQuant researcher <a href="https://en.coin-turk.com/crypto-expert-kaleo-dramatic-process-approaching-for-btc-eth-sol/" data-wpel-link="internal">Crypto</a> Dan today made assessments regarding the price of <a href="https://coin-turk.com/unlu-youtuber-wall-street-bitcoin-aliyor" data-wpel-link="internal">Bitcoin</a>. The well-known analyst believes that <a href="https://en.coin-turk.com/deciphering-the-impact-of-rising-open-interest-in-bitcoin/" data-wpel-link="internal">Bitcoin</a>‘s $70,000 threshold will not be maintained in the near future. Crypto Dan expressed this opinion after observing recent inflows into the crypto market, noting that the liquidity influx is not only for Bitcoin but also for <a href="https://coin-turk.com/xrp-fiyati-buyuk-haberlere-ragmen-neden-artmiyor-ripple-ceosu-acikladi" data-wpel-link="internal">altcoins</a>. 
<h2 style="text-align: justify" id="increasing-demand-for-stablecoins">Increasing Demand for Stablecoins</h2> 
Especially with CryptoQuant’s update, the presented chart shows that the demand for stablecoins has gradually risen to levels observed in 2021. This trend was highlighted by the leading stablecoin provider Tether’s recent injection of $2 billion worth of <a href="https://coin-turk.com/cuzdaninda-tether-usdt-tutanlarin-aklinda-tek-bir-soru-usdt-yerini-ve-gucunu-kaybedecek-mi" data-wpel-link="internal">USDT</a> into the crypto market, despite the fact that Tether had already minted $1 billion worth of stablecoins five days prior. 
<img loading="lazy" loading="lazy" decoding="async" class="wp-image-326431 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/btc-kripto-para-coin-turk-com-1-2.png" alt="" width="1911" height="904"> 
According to Dan, this increase in stablecoin supply could be indicating a growing demand for purchasing Bitcoin and other cryptocurrencies, which he views as a positive market sentiment. 
Similarly, Dan highlighted the determined efforts of Bitcoin bulls to surpass the $70,000 barrier and maintain stability at this level. Notably, he mentioned that Bitcoin exceeded $72,000 for the first time in history yesterday, demonstrating the success of these efforts. 
<h2 style="text-align: justify" id="bitcoin-may-sustain-above-70-000">Bitcoin May Sustain Above $70,000</h2> 
The CryptoQuant researcher observed that with Bitcoin bulls consistently overcoming the resistance of bearish forces, it’s only a matter of time before Bitcoin sets a new benchmark beyond its all-time high. 
CryptoQuant’s founder and CEO Ki Young Ju also echoed a similar sentiment, stating that as long as the inflow into spot Bitcoin ETFs continues, Bitcoin bears will not prevail. According to this comment, we can say that Bitcoin will now make the area above $70,000 its new shelter. As long as <a href="https://en.coin-turk.com/bitcoin-faces-critical-levels-after-recent-decline-analyst-evaluates-possible-scenarios/" data-wpel-link="internal">BTC</a> stays above the $70,000 level, investors will have greater expectations of a rise and hope for new records to be broken. 
The flagship cryptocurrency Bitcoin’s price was moving very quickly while writing this article. BTC first reached $73,000, setting a new record. BTC then quickly retreated to around $70,800 within minutes. BTC is trading very close to $72,000 at the time of writing. The price is at $71,918. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-analysis-by-cryptoquant-researcher/" data-wpel-link="internal">Bitcoin Price Analysis by CryptoQuant Researcher</a></h5>

Bitcoin Price Analysis by CryptoQuant Researcher

Table of Contents

COINTURK NEWS

Other articles published on Mar 12, 2024

Can Fetch.ai (FET) Price Continue Upward Momentum Following All-Time High?

March Profits See Binance Coin (BNB) Hit $530 Whilst 100X Predicted Pushd (PUSHD) Secures Bitcoin...

Bitcoin, Ethereum, Dogecoin Trade Lower As Investors Remain Gripped By 'Extreme Greed': Analyst S...

Bitcoin's All-Time High Triggers Altcoin Explosion

Unlocking Prosperity: The Meme Coin Phenomenon Redefining Wealth – Could You be the Next Success ...

Chainlink’s LINK Coin Surges as Real Asset Tokenization Accelerates

Join our free newsletter for daily crypto updates!