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Over the past week, Bitcoin (BTC) has been trading in a tight range, struggling to surpass $100K. The price of the leading coin encountered resistance at $98,804 and found support at $94,603.
However, a decline in a key on-chain metric suggests that the coin could be poised for a significant uptrend in the near future.
Stablecoin Power and Holder Confidence Enhance Bitcoin’s Prospects
TinTucBitcoin’s assessment of BTC’s on-chain performance shows that the proportion of Stablecoins on exchanges has been steadily decreasing. According to CryptoQuant data, this number is currently at 0.000060, the lowest level since the beginning of the year.
The Exchange Stablecoin Ratio measures the number of Stablecoins held on exchanges compared to the amount of Bitcoin. A lower ratio indicates there is more purchasing power in the market, as there are more Stablecoins available to buy Bitcoin on exchanges.
When this ratio drops, it usually signals higher demand for Bitcoin. As more investors look to own Bitcoin, the price of the currency is likely to rise, possibly taking it back to the psychological level of $100k, which it has previously had difficulty surpassing.
Furthermore, the growing trend of short-term Bitcoin holders adopting a “HODL” strategy could fuel a rally towards the $100K mark. According to CryptoQuant, this group — typically holders of BTC for no more than a month — has extended their holding period by 36% in the past month.
Longer holding periods reduce selling pressure, create scarcity in the market, and often indicate confidence in the coin’s price growth. This could contribute to the bullish momentum for Bitcoin in the near future.
BTC Price Prediction: What to Expect?
Currently, BTC is trading at $96,882, just below its all-time high of $99,860, which remains a strong resistance level. If short-term holders continue their “HODL” strategy and new demand emerges — supported by Stablecoin cash flow on exchanges — Bitcoin could overcome this barrier and get closer to the $100k milestone.
However, if selling pressure increases, BTC price could consolidate within the current range or fall deeper to $88,986 before testing a new uptrend.
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