{"id":528294,"date":"2023-04-24T17:30:43","date_gmt":"2023-04-24T17:30:43","guid":{"rendered":"https:\/\/uniquehot.com\/?p=528294"},"modified":"2024-06-11T10:34:52","modified_gmt":"2024-06-11T10:34:52","slug":"bitcoin-esr-continues-bullish-divergence-price-follow","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-esr-continues-bullish-divergence-price-follow\/","title":{"rendered":"Bitcoin ‘ESR’ Continues To Show Bullish Divergence, Will Price Follow?"},"content":{"rendered":"

Bitcoin on-chain indicator Exchange Stablecoin Ratio (ESR) has continued to show bullish divergence recently. Will the price also mimic this?<\/p>\n

Bitcoin ESR Has Continued To Sharply Ascend In Recent Weeks<\/h2>\n

As explained by an analyst in a CryptoQuant post<\/a>, the ESR is currently acting as a leading indicator for BTC’s price. A relevant metric here is the “exchange reserve<\/a>,” which measures the total amount of a cryptocurrency that’s currently sitting in the wallets of all centralized exchanges.<\/p>\n

The “ESR<\/a>” is an indicator that tells us about the ratio between the exchange reserve for Bitcoin and that for the combined stablecoins market (both denominated in USD).<\/p>\n

Generally, investors shift assets like BTC into stables whenever they want to escape the volatility associated with the former. When holders like these eventually want to switch back into the volatile markets, they deposit their stablecoins into exchanges to do so.<\/p>\n

The coins they exchange their stables for naturally feel a buying pressure from the conversion. Because of this reason, the stablecoin exchange reserve may be looked at as the “available buying power” for other cryptocurrencies like BTC.<\/p>\n

Related Reading: What\u2019s Behind The Recent Bitcoin Drop? Here\u2019s What On-Chain Data Says<\/a><\/div>\n

The exchange reserve for Bitcoin itself, however, represents the selling supply in the market, as investors generally deposit their BTC into these platforms for selling purposes.<\/p>\n

Now, here is a chart that shows the trend in the BTC ESR over the last year:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric has rapidly risen in recent weeks | Source: CryptoQuant<\/a><\/pre>\n
According to the quant, the Bitcoin price and ESR were showing convergence during the year 2021, meaning that the two curves were moving in close tandem. This convergence continued in early 2022, as the chart above displays.<\/p>\n
However, the convergence broke with the 3AC bankruptcy<\/a> in June of that year, as the price of the asset plummeted, but the ESR didn’t register any significant fluctuations at all.<\/p>\n
In late 2022, a positive divergence started forming between the two lines, as the ESR began to climb while Bitcoin continued to move sideways around the post-FTX crash lows.<\/p>\n
In January of this year, the BTC price also finally started following in the direction of the indicator, as it began its rally. The ESR has continued to sharply climb since then, while BTC has also generally observed strong upwards momentum.<\/p>\n
An interesting trend was seen back at the beginning of March when the ESR had taken a plunge. Not too long after this drawdown in the indicator occurred, the BTC price also plummeted down.<\/p>\n
Related Reading: Bitcoin Market Update: Is $27,000 The Local Bottom?<\/a><\/div>\n
But while this decline in the price was happening, the metric had already reversed back to an uptrend. As it turned out, the cryptocurrency also did the same after finishing its drop. “In the current market structure, ESR acts as a magnet to Bitcoin’s spot price,” explains the analyst.<\/p>\n
Earlier this month, the ESR again observed some decline, but it wasn’t long before the metric reversed its trend and resumed the upward trajectory. Recently, BTC has also been plunging, as its price has now gone below the $28,000 level.<\/p>\n
If the pattern that followed earlier is anything to go by, this divergence between the two lines should mean that BTC will also reverse its current decline, in order to mimic what the ESR has been doing.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $27,600, down 6% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has plunged in the last few days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin on-chain indicator Exchange Stablecoin Ratio (ESR) has continued to show bullish divergence recently. Will the price also mimic this? Bitcoin ESR Has Continued To Sharply Ascend In Recent Weeks As explained by an analyst in a CryptoQuant post, the ESR is currently acting as a leading indicator for BTC’s price. A relevant metric here is the “exchange reserve,” which measures the total amount of a cryptocurrency that’s currently sitting in the wallets of all centralized exchanges. The “ESR” is an indicator that tells us about the ratio between the exchange reserve for Bitcoin and that for the combined stablecoins market (both denominated in USD). Generally, investors shift assets like BTC into stables whenever they want to escape the volatility associated with the former. When holders like these eventually want to switch back into the volatile markets, they deposit their stablecoins into exchanges to do so. The coins they exchange their stables for naturally feel a buying pressure from the conversion. Because of this reason, the stablecoin exchange reserve may be looked at as the “available buying power” for other cryptocurrencies like BTC. Related Reading: What\u2019s Behind The Recent Bitcoin Drop? Here\u2019s What On-Chain Data Says The exchange reserve for Bitcoin itself, however, represents the selling supply in the market, as investors generally deposit their BTC into these platforms for selling purposes. Now, here is a chart that shows the trend in the BTC ESR over the last year: Looks like the value of the metric has rapidly risen in recent weeks | Source: CryptoQuant According to the quant, the Bitcoin price and ESR were showing convergence during the year 2021, meaning that the two curves were moving in close tandem. This convergence continued in early 2022, as the chart above displays. However, the convergence broke with the 3AC bankruptcy in June of that year, as the price of the asset plummeted, but the ESR didn’t register any significant fluctuations at all. In late 2022, a positive divergence started forming between the two lines, as the ESR began to climb while Bitcoin continued to move sideways around the post-FTX crash lows. In January of this year, the BTC price also finally started following in the direction of the indicator, as it began its rally. The ESR has continued to sharply climb since then, while BTC has also generally observed strong upwards momentum. An interesting trend was seen back at the beginning of March when the ESR had taken a plunge. Not too long after this drawdown in the indicator occurred, the BTC price also plummeted down. Related Reading: Bitcoin Market Update: Is $27,000 The Local Bottom? But while this decline in the price was happening, the metric had already reversed back to an uptrend. As it turned out, the cryptocurrency also did the same after finishing its drop. “In the current market structure, ESR acts as a magnet to Bitcoin’s spot price,” explains the analyst. Earlier this month, the ESR again observed some decline, but it wasn’t long before the metric reversed its trend and resumed the upward trajectory. Recently, BTC has also been plunging, as its price has now gone below the $28,000 level. If the pattern that followed earlier is anything to go by, this divergence between the two lines should mean that BTC will also reverse its current decline, in order to mimic what the ESR has been doing. BTC Price At the time of writing, Bitcoin is trading around $27,600, down 6% in the last week. BTC has plunged in the last few days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":528351,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,88160,88031,1119,1144,15241],"class_list":["post-528294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bullish-divergence","tag-bitcoin-exchange-stablecoin-ratio","tag-btc","tag-btcusd","tag-stablecoins"],"acf":[],"yoast_head":"\nBitcoin 'ESR' Continues To Show Bullish Divergence, Will Price Follow?<\/title>\n<meta name=\"description\" content=\"Bitcoin on-chain indicator Exchange Stablecoin Ratio (ESR) has continued to show bullish divergence recently. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin ‘ESR’ Continues To Show Bullish Divergence, Will Price Follow?","url":"http:\/\/uniquehot.com\/news\/bitcoin-esr-continues-bullish-divergence-price-follow\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-esr-continues-bullish-divergence-price-follow\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/kanchanara-8x1m8LytApU-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/kanchanara-8x1m8LytApU-unsplash-scaled.jpg?fit=2560%2C1703"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bullish divergence","bitcoin exchange stablecoin ratio","btc","btcusd","stablecoins"],"dateCreated":"2023-04-24T17:30:43Z","datePublished":"2023-04-24T17:30:43Z","dateModified":"2024-06-11T10:34:52Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin ‘ESR’ Continues To Show Bullish Divergence, Will Price Follow?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-esr-continues-bullish-divergence-price-follow\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-esr-continues-bullish-divergence-price-follow\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/04\\\/kanchanara-8x1m8LytApU-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/04\\\/kanchanara-8x1m8LytApU-unsplash-scaled.jpg?fit=2560%2C1703\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bullish divergence\",\"bitcoin exchange stablecoin ratio\",\"btc\",\"btcusd\",\"stablecoins\"],\"dateCreated\":\"2023-04-24T17:30:43Z\",\"datePublished\":\"2023-04-24T17:30:43Z\",\"dateModified\":\"2024-06-11T10:34:52Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/04\/kanchanara-8x1m8LytApU-unsplash-scaled.jpg?fit=2560%2C1703","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/528294"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=528294"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/528294\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/528351"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=528294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=528294"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=528294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}