Bitcoin Coinbase Premium Index Has Now Assumed Notable Positive Values

Data shows the Bitcoin Coinbase Premium Index has surged recently, suggesting it could at least partially be behind the latest price surge.

Bitcoin (BTC) price has seen a strong recovery over the past few weeks, surging past the key level of $60,000. Now, as the asset approaches the next crucial resistance, some interesting trends are being observed in the market.

Bitcoin Surges Past $60K, But Coinbase Premium Index Hints At Further Upward Trend

Bitcoin price بالاخره managed to cross the psychological level of $60,000 after facing resistance at this point for a couple of days. Now, BTC trades at the mid-$60,000s, and the next target for the bulls seems to be the resistance around $68,000 to $70,000.

Related Reading: Bitcoin Surges Past $60K, Next Target In Sight As Bulls March On

One indicator that has been closely followed this year to gauge the buying pressure in the U.S. market is the Coinbase Premium Index. This metric tracks the percentage difference between the BTC price listed on Coinbase (USD pair) and Binance (USDT pair). A positive value suggests a higher buying rate on Coinbase.

CryptoQuant Head of Research Julio Moreno recently pointed out the trend in this index, showing that it had earlier dipped into the negative territory. However, with the latest rally in BTC’s price, the index has seen a sharp increase back into the positive region. This would indicate that the Coinbase investors have been participating in accumulation and it may be this buying that’s at least partially responsible for the coin’s surge.

Coinbase is the main platform of the US-based investors, especially the large institutional entities, while Binance serves a global traffic. As such, the Coinbase Premium Index essentially reflects the difference in behavior between the American investors and the rest of the world.

In 2024 so far, the cryptocurrency has been closely following this indicator, implying that the US-based whales have been driving the price action. Thus, it’s not unexpected to see the same trend continue for the new rally as well.

However, it is important to note that the Coinbase Premium Index can quickly flip, and if it does, BTC might also see bearish winds, as it has done many times in the year already.

Bitcoin Short-Term Holders Awaiting Next Leg Up At $66,300

In some other news, BTC is now approaching the cost basis of the final short-term holder cohort, as CryptoQuant author Axel Adler Jr has discussed in an X post.

This segment of the short-term holders, who bought their coins between three to six months ago, have their average cost basis at $66,300 right now. If Bitcoin can surpass this level, all of the short-term holders (that is, those who purchased within the last six months) would be back in the green.

BTC price بالاخره crossed the $60,000 psychological level after facing resistance at this point for a couple of days. Now, BTC trades at the mid-$60,000s, and the next target for the bulls seems to be the resistance around $68,000 to $70,000.

One indicator that has been closely followed this year to gauge the buying pressure in the U.S. market is the Coinbase Premium Index. This metric tracks the percentage difference between the BTC price listed on Coinbase (USD pair) and Binance (USDT pair). A positive value suggests a higher buying rate on Coinbase.

CryptoQuant Head of Research Julio Moreno recently pointed out the trend in this index, showing that it had earlier dipped into the negative territory. However, with the latest rally in BTC’s price, the index has seen a sharp increase back into the positive region. This would indicate that the Coinbase investors have been participating in accumulation and it may be this buying that’s at least partially responsible for the coin’s surge.

Coinbase is the main platform of the US-based investors, especially the large institutional entities, while Binance serves a global traffic. As such, the Coinbase Premium Index essentially reflects the difference in behavior between the American investors and the rest of the world.

In 2024 so far, the cryptocurrency has been closely following this indicator, implying that the US-based whales have been driving the price action. Thus, it’s not unexpected to see the same trend continue for the new rally as well.

However, it is important to note that the Coinbase Premium Index can quickly flip, and if it does, BTC might also see bearish winds, as it has done many times in the year already.

Bitcoin Short-Term Holders Awaiting Next Leg Up At $66,300

In some other news, BTC is now approaching the cost basis of the final short-term holder cohort, as CryptoQuant author Axel Adler Jr has discussed in an X post.

This segment of the short-term holders, who bought their coins between three to six months ago