This On-Chain Trend Shows an “Increased Potential” For Bitcoin to Rally Higher

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Bitcoin has seen a stark correction since peaking at $12,400 early last week. The asset plunged as low as $11,150 earlier this week, falling below pivotal support levels. BTC has since bounced back to $11,500 as of this article’s writing, with positive fundamentals pushing Bitcoin higher. Bitcoin remains in no man’s land; it is above the low-$11,000s but below $11,500. An on-chain trend suggests Bitcoin has a higher chance of moving higher than lower. Add to this a positive fundamental case and the asset could reverse back to the local highs. Stablecoins on Exchanges Are Up, and That’s Good for Bitcoin According to blockchain analytics firm Glassnode, the amount of stablecoin on cryptocurrency exchanges relative to Bitcoin has remained high. The firm believes that this suggests there is an “increased potential for an upwards movement” in the BTC market. This is because stablecoins deposited on exchanges effectively represent demand for…

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