Bitcoin’s recent price jump into the $70,000 range has once again been a topic of discussion among investors. Many are looking to a more positive outlook for its price. This price movement has caused the majority of investors to be very interested in Bitcoin. long-term holders Have seen their Holdings cross into profit zone. Coinbase Premium has shown a positive trend, which is a sign of optimism among US-based traders. The return of the Coinbase Premium is seen by some as a positive signal which could drive the price up.
Coinbase Premium Index Flips Positive
Coinbase Premium Index CPI, which was trading negatively since 18 May has now turned to positive. cryptocurrency analyst CryptoQuant, who provided the information. Coinbase premium is the price difference between Coinbase and other major exchanges.
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The premium will turn positive when Bitcoin’s price is higher on Coinbase as compared with Binance. This can be seen in other crypto exchanges. The fact that the premium is positive indicates a higher demand for Bitcoin in one of America’s largest crypto exchanges. In contrast, a positive premium shows that US-based traders are not exerting significant buying pressure.
Coinbase, the most popular crypto entry point in the US, is where money flows into Bitcoin. Data from CryptoQuant indicates that at the time of this writing, this premium had recently reached a value of 13.11. Although this might seem insignificant, it is indicative of the start of a buying trend that could push Bitcoin to new heights.
This flip to a positive Coinbase Premium has been accompanied by a less bullish view of Bitcoin, at least short-term, among Korean and Asian investors. CryptoQuant revealed this information. Korea Premium IndexThe trend of the stock market has declined in recent weeks.
Bitcoin continues to hold strong
Bitcoin’s price is currently $71,095 which is up 4.31% on increased purchasing momentum. Bitcoin Open Interest Recently reaching its highest point. A positive Coinbase Premium may be considered a bullish indication, but the reason for its occurrence is crucial in determining Bitcoin’s future price. next.
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On-chain data shows that a large portion of the premium was due to large individual holders, called whales. instances Bitcoins in huge quantities are transferred from Coinbase and unknown wallets.
Bitcoin’s future is most likely to be built on a positive premium that continues and the interest of both institutions and consumers. Coinbase whales may not alone be enough to drive a sustained, significant price rally. Bitcoin must continue to rise if it is going to maintain its current trajectory. interest shown by retail investors.
Featured Image created using Dall.E and chart from Tradingview.com
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Source: www.newsbtc.com