Bitcoin’s Rising Stablecoin Supply Ratio Suggests Possible Liquidity Challenges Amid $119K Price Range

Main Idea
Bitcoin's rising Stablecoin Supply Ratio (SSR) indicates potential liquidity challenges near the $119K price range, with key support levels and market indicators suggesting possible volatility.
Key Points
1. The Stablecoin Supply Ratio (SSR) measures stablecoins available to buy Bitcoin; a rising SSR suggests liquidity is drying up, potentially capping price gains.
2. Bitcoin is currently supported above $116K, but breaking below this range could trigger deeper declines.
3. The MVRV Z-score at 2.83 indicates elevated unrealized profits, suggesting a growing incentive for holders to take profits, which could pressure the price.
4. The Miners’ Position Index (MPI) has dropped 32% to -1.06, signaling reduced immediate selling pressure from miners, though this could change if prices stall.
5. Dense long liquidation clusters between $120K and $122K on Binance’s BTC/USDT Liquidation Map could amplify price volatility if approached.
Description
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