Bitcoin (BTC) Price Returns to an Upward Trajectory, Outpacing the Market by Posting a 1.7% Gain

Bitcoin has returned to an upward trajectory, with the asset posting a 1.7% gain in the last 24 hours to reach $109,505.

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Bitcoin price has returned to an upward trajectory, with the asset adding 1.7% in the last 24 hours to reach $109,505 by the time of writing. This marks a 4% increase over the past week, placing BTC less than 2% below its recent all-time high of $111,000.

The move comes after a period of relatively subdued market activity, with recent gains unfolding in a quiet trading volume regime. As such, analysts have turned to on-chain indicators for signals of whether the current price action is sustainable or approaching overheated levels.

Particularly, unlike previous rallies that were driven by sharp price spikes and speculative retail demand, the latest growth appears more measured. This has prompted the assessment of metrics such as Binary Coin Days Destroyed (CDD) , MVRV ratio, and exchange premium indexes to gauge underlying investor behavior and sentiment.

Bitcoin price moves up less than 2% in淡季, analysis shows crypto behemoths are calmly accumulating. Credit: Benzinga

According to an analysis published on CryptoQuant’s QuickTake platform by contributor Avocado Onchain, Bitcoin’s current rally is unfolding under relatively stable conditions.

The analyst highlights a decreasing 30-day moving average of Binary CDD, which measures the spending behavior of long-term holders. This decrease suggests that these holders are not yet exiting the market en masse, signaling a continued confidence in the asset’s potential for further gains.

Another notable indicator is the Coinbase Premium Index, which measures the difference between Bitcoin prices on US-based Coinbase and other global exchanges. This premium is increasing and nearing the levels observed during Bitcoin’s prior peaks in March and December 2024.

While a sustained or rapidly increasing premium can be a potential indication of price overheating or an impending correction, Avocado notes that the Korea Premium Index remains low, implying muted activity from retail traders in Asia. This balance suggests that institutional buying pressure, particularly from US-based investors, could be driving the recent momentum.

In addition, the MVRV ratio, a comparison of Bitcoin’s market value to its realized value, has been rising gradually without any sharp jumps or reaching extreme levels. This suggests that the market has not entered an extreme greed phase, which could indicate that the current uptrend may have more room to run before encountering strong resistance.

“In summary, rather than indicating an anticipation of an impending correction, the current indicators suggest that Bitcoin may still have some potential for further growth, and it could be a good time to carefully monitor the possibility of continued upside in the market,” Avocado concludes.

Coinbase premium surges as US investors pour into Bitcoin

In a separate post on the same platform, another CryptoQuant contributor, Crypto Dan, highlighted the consistent buying activity from larger market players.

His report notes that the Coinbase Premium has been increasing steadily since April 21, signaling increased demand from US investors, who have been accumulating BTC in a manner that is heating up the Coinbase exchange.

This trend, observed in the widening differential between Coinbase and other global exchanges, is becoming more apparent with each passing day, as seen in the chart below.

The analyst further noted that such patterns are characteristic of post-correction recovery phases in Bitcoin’s historical price cycles. So far, the combination of long-term holder conviction, institutional demand, and relative absence of exuberant retail activity suggests the rally may be advancing on more stable footing than prior surges.