Top Bitcoin Quant Analyst Says Fresh USD Is Needed For New Highs

Bitcoin price is still plummeting from a rejection at new highs set this weekend, and struggling to maintain support at former resistance levels. On the way down, the buying pressure has been far less than it was on the way up, which has one top cryptocurrency quant analyst warning that fresh USD capital is necessary for new highs.

Here’s what it might take for the leading cryptocurrency by market cap to make a full recovery and move beyond $60,000, according to key fundamental factors.

Fresh USD Inflows To Spot Exchanges Necessary For Further Bull Market Momentum

Bitcoin has been in an ongoing uptrend ever since Black Thursday of last year, when markets crashed globally due to the onset of the pandemic.

During the last year, months at a time were spent with the most dominant spot exchange in the United States, Coinbase, had a substantial price premium over other stablecoin-denominated exchanges.

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Cryptocurrency exchanges like Coinbase offer investors a direct fiat on-ramp into Bitcoin, Ethereum, and dozens of altcoins. When cash is pouring into the crypto asset class, the premium appears. When cash is bleeding back out, the premium diminishes, and can even tip in favor of stablecoin trading pairs.

According to Crypto Quant CEO and fundamental analyst Ki Young Ju, spot inflows will need to return bringing a fresh supply of USD into the market before new highs are set. For now, there’s simply not enough stablecoin inflows to sustain the current Bitcoin market cap, and a “reset” could be coming.

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