Bitcoin (BTC) has quickly recovered to around $60,000 after its price fell below $50,000 last week.

Currently, metrics measuring the amount of BTC held on centralized exchanges compared to stablecoins show that selling pressure is easing. According to data from blockchain analytics firm CryptoQuant, the ratio has fallen to its lowest level since February 2023, extending a prolonged downtrend that began in June last year.

According to CryptoQuant, investors tend to hold on to their Bitcoins in anticipation of a price increase in the future.

According to charting platform TradingView, the total supply of Tether (USDT) and USD Coin (USDC), the two largest stablecoins by market cap, has increased by nearly $2 billion to $150.15 billion since the market crash on Aug. 5. On a yearly basis, the total supply of USDT and USDC has increased by almost 30%.

This development is being viewed as constructive by some analysts. Valentin Fournier, an analyst at digital asset research firm BRN, noted: “Spot ETFs recorded positive net flows yesterday. BTC (+$28 million) and ETH (+$5 million) received institutional support after the weekend decline. This provides some resilience in times of fear and could potentially help reduce Bitcoin’s volatility in the long term. Yesterday, we observed a strong hold on the $58,500 level and Bitcoin rose to $60,500 before falling back to $59,500.”

“Momentum remains low but is trending positively in our estimates. We expect Bitcoin to approach the upper trend of the current range ($67,000 to $69,000) in the coming weeks.”

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I EXPLAIN IN DETAILED.

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