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CoinGape 2025-01-06 20:37:43

Bitcoin Coinbase Premium Index Flips Bullish, Here’s Price Reaction

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. The post Bitcoin Coinbase Premium Index Flips Bullish, Here’s Price Reaction appeared first on CoinGape .

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