The current market environment for Bitcoin remains broadly bearish after seeing a net loss of 2.41% over the past week. Bitcoin is currently stabilizing around $68,000, but the digital asset remains about 46% below its all-time high of $126,100 hit in late 2025.
Bull or bear? Decoding Bitcoin’s SSR Liquidity Signal
In a QuickTake post on the CryptoQuant platform, anonymous analyst MorenoDV explained how the Stablecoin Supply Ratio (SSR) serves as a liquidity signal for Bitcoin and why its current levels of 9.5 to 9.6 are important.
SSR measures Bitcoin market capitalization relative to stablecoin supply. In other words, it reflects how much ‘dry powder’ (purchasing power) exists in the market. A high SSR means that Bitcoin’s market capitalization is larger than that of stablecoins. This means less purchasing power, and a lower SSR means the stablecoin supply to Bitcoin is relatively strong. That means you have more potential purchasing power.
According to analyst MorenoDV, SSR is not simply a bullish or bearish indicator. Its significance will depend on which direction the market approaches the 9.5 level. A drop in SSR from higher levels to 9.5 is usually a sign of strengthening stablecoin liquidity, which has often resulted in Bitcoin finding support or reversing upward in past cycles.
Conversely, a rise in the SSR from lower levels towards 9.5 signals a decline in liquidity that has historically outpaced local highs and short-term corrections.
Analyst MorenoDV describes the 9.5 level as a liquidity balance zone due to its ability to act as support or resistance depending on the market approach. As SSR navigates this critical zone, market traders will be watching closely to see whether stablecoin inflows remain at a steady level or whether liquidity depletion is imminent, as indicated by a rejection in this equilibrium zone.
Bitcoin Price Overview
At the time of writing, the Bitcoin price is at ~$68,840, up 3.97% in the last 24 hours. Meanwhile, daily trading volume decreased by 15.3% and was valued at $37.33 billion. According to data from Coincodex, the Fear and Greed Index is 9, indicating extreme caution among investors.
However, Coincodex analysts and investors will gradually adopt a more optimistic stance as their forecasts imply a target of $73,769 in five days and $77,687 in one month. Meanwhile, the three-month target of $72,480 suggests some retracement following the classic upward pattern after the initial surge.
Featured image from XVerse, chart from Tradingview.com
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