Bitcoin Price Soars Ahead of Halving Event
Author: Wyatt AlvarezData from the exchange stablecoin ratio (ESR) indicates that traders might be feeling more risk-averse, choosing to move into stablecoins as a hedge against impending losses on their bitcoin investments. Conversely, traders may be accumulating, as the indicator is reaching new highs. If a positive trend is seen in ESR alongside decreases in losses, then a surge in BTC could be on the horizon.
A number of indicators appear to be bullish on bitcoin right now, with realized prices and P/L figures attracting new investors and pushing BTC towards reaching new yearly highs. Despite the recent downtrend, bitcoin is still up 65% on the year and could well break the $50,000 resistance with the help of the upcoming halving.