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Заголовок Bitcoin Closes In On $66,000: Here’s What’s Behind The Surge
Дата 20240928

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Bitcoin Closes In On $66,000: Here s What s Behind The Surge

Bitcoin Closes In On $66,000: Here s What s Behind The Surge

by Keshav Verma

3 mins ago

in Bitcoin News

0

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

Bitcoin Coinbase Premium Index Has Now Assumed Notable Positive Values

As pointed out by CryptoQuant Head of Research Julio Moreno in a new post on
X, the BTC Coinbase Premium Index has shot up into the positive territory
recently. The Coinbase Premium Index here refers to an
indicator that keeps track of the percentage difference between the Bitcoin
prices listed on Coinbase (USD pair) and Binance• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Binance (USDT pair).

Related Reading: US Platforms Regaining Dominance In Bitcoin Holdings: Is This
Bullish?

When the value of this metric is positive, it means the asset is trading at a
higher rate on Coinbase than on Binance• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Binance right now. Such a trend suggests the
former is observing a higher buying pressure or a lower selling pressure than
the latter. On the other hand, the indicator being below zero implies the
Coinbase users are participating in a higher amount of selling as compared to
the Binance• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Binance ones at the moment.

Now, here is the chart shared by Moreno that shows the trend in the Bitcoin
Coinbase Premium Index over the last couple of weeks:

The value of the metric appears to have surged into the positive region
recently | Source: @jjcmoreno on X

As is visible in the above graph, the Bitcoin Coinbase Premium Index had
dipped into the negative territory earlier, but with the latest rally in the
asset s price, it 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• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » 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• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта 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.

Related Reading: Solana (SOL) Tops Crypto Market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта In Active Addresses: What It
Means

The Coinbase Premium Index is on the up right now, but it may be to keep on an
eye on in the near future, as its value can quickly flip. And if it does, BTC
might also see bearish winds, as it has done many times in the year already.

In some other news, Bitcoin 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 .

The Realized Price of the various short-term holder segments | Source:
@AxelAdlerJr on X

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

At the time of writing, Bitcoin is trading around $65,700, up more than 3%
over the past week.

Looks like BTC has been on the way up over the last few days | Source: BTCUSDT
on TradingView

Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com

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