Sign Up on MEXC
Highlights
- Coinbase Premium Index has flipped positive for the first time in weeks
- The price of Bitcoin has rallied in response to demand from the US markets
- ATH now in view amid positive Trump-inspired sentiments
The Bitcoin (BTC) Coinbase Premium Index is flashing positive readings for the first time this year and since at least December 16. This metric nosedived earlier as investors shtarted exhibiting caution on Bitcoin’s price which entered a rangebound motion on December 19. The switch in this Coinbase Premium has continued to shifthe market sentiment with BTC price coming off as the biggest beneficiary.
Coinbase Premium and Bitcoin Adoption
The United States remains the largest capital market for Bitcoin’s institutional adoption. The Coinbase premium BTC index helps measure the difference between the price of Bitcoin on the American exchange and Binance. Whenever this index flips positive, it shows an uptick in the demand from the U.S market. The opposite holds true when the index is negative.
According to the Analytics insight from CryptoQuant, the data points proves there is a dominance of buying pressure in the American market. The analytics platform also confirmed that Bitcoin’s 14-day Simple Moving Average also flipped positive 3 days ago, the first time in 3 years.
Since the 72-hour timeframe, BTC price has jumped by 4%, edged closer to $100,000, a move that aligns with historical contexts. CryptoQuant pointed out that when the Coinbase Premium last turned positive in November, 2024, price jumped from $69,000 to $108,000.
3 days ago, Coinbase Premium Index crossed SMA14 for the 1st time in 26 days—Bitcoin is now up 4% to $102K.
In Nov 2024, a similar move saw Bitcoin rally from $69K to $108K.
U.S. buyers could be back in action. pic.twitter.com/XtAlHUzzvv
— CryptoQuant.com (@cryptoquant_com) January 6, 2025
CryptoQuant analysts are suggesting that if the U.S investors are back in action, the price might ultimately soar beyond its previous All-Time High of $108,000.
Cucial Growth Factors Align
The digital currency ecosystem in the United States is already reacting to the incoming inauguration of self-proclaimed Bitcoin President Donald Trump. At the time of writing, the price of Bitcoin was changing hands for $102,217.34, up 3.78% in the past 24 hours. The coin has moved from a low of $97,926.14 to its multi-week high of $102,482.87
Should the coin sustain the current momentum, it might reclaim its all-time high in line with projections from Robert Kiyosaki and other top market analysts.
The trend arounding a favorable crypto regulatory policies and growing acquisition from MicroStrategy and spot Bitcoin ETF might help chart its sustained growth course.
- South Korea Ends 2018 Ban on VC Investments in Crypto Firms
- Wall Street’s CPI Forecast: Expert Examines if Bitcoin Price Can Sustain Triangle Breakout?
- Avalanche Seeks $1B to Launch Treasury-Focused AVAX Firms in U.S.
- Dogecoin Leads Crypto Market Rally, Expert Sees $0.50 Target on DOGE ETF Launch
- Ethereum News: Latest On-chain Activity Hints Massive ETH Purchase by Bitmine (BMNR) and SharpLink (SBET)
- Pump Price Forecast as $12M Buyback Fuels Scarcity — Is $0.01 in Sight?
- SUI Price Prediction as Mysten Labs Meets SEC Ahead of ETF Decision—Is $7.5 Next?
- Can Dogecoin Price Hit $1 as Derivative Volume Jumps Ahead of DOGE ETF Launch
- Bitcoin Price Prediction Eyes $150K as Trump Calls for Aggressive 100 BPS Rate Cut
- Solana Price Prediction: Can Nasdaq Listing and $94M Holdings Propel SOL Toward $400?
