Bitcoin’s Next Move? Coinbase Premium Suggests a Short-Term Rally May Be Brewing
05 Dezembro 2024 - 1:30AM
NEWSBTC
According to recent insights, Bitcoin (BTC) seems to be on the
verge of another rally, which suggests the potential for short-term
upward momentum. At the heart of this discussion is the Coinbase
Premium Index, a critical indicator analyzed in one hour by
CryptoQuant analyst Yonsei Dent. This metric and specific moving
average trends have highlighted conditions that could pave the
way for Bitcoin to regain its upward trajectory. Related Reading:
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Downside Protection Upward Move On The Horizon The Coinbase Premium
Index measures the price gap between Bitcoin on Coinbase and other
exchanges, offering a glimpse into market sentiment and
institutional demand. Dent’s analysis zeroes in on the daily
(24-hour) and weekly (168-hour) moving averages. Historical data
indicates that significant Bitcoin price movements tend to occur
when the daily average decisively crosses above the weekly
average—a pattern commonly called a “golden cross.” According to
Dent’s findings, the weekly moving average has recently
transitioned from a negative slope to a positive one, setting the
stage for a potential golden cross. This shift is significant, as
previous instances of a positive slope combined with a golden cross
have been followed by pronounced price increases. Additionally,
Bitcoin is forming higher lows, a bullish signal, while also
shaping a converging triangle pattern. If demand levels rise
adequately, these technical patterns could signal the beginning of
a renewed uptrend. While these indicators point to optimism, the
CryptoQuant analyst emphasizes the importance of sustained demand.
The analyst mentioned that historical patterns suggest that once
this sufficient demand materializes, Bitcoin often experiences
strong upward momentum, potentially attracting retail and
institutional investors back into the market. Technical Outlook On
Bitcoin Bitcoin is trading at $96,216, reflecting a 0.3% increase
in the past day and a 1.3% rise over the past week. Amid this price
activity, a report from another CryptoQuant analyst Burak Kesmeci,
highlights notable behavior among US investors, who seem to be
taking advantage of even minor dips in BTC’s value. Related
Reading: Bitcoin Price Supported By All-Stablecoins Cash Inflow –
Data Reveals Strong Correlation Kesmeci revealed that within the
last 24 hours, Coinbase recorded two significant withdrawal
transactions, each exceeding 8,000 BTC, highlighting sustained
investor interest in the asset. Two Significant Outflows Exceeding
8k #BTC Each from Coinbase in the Last 24h “19,487 $BTC were
withdrawn, with an average cost of $96,043. The total value of
these two transactions amounts to approximately $1.87 billion.” –
By @burak_kesmeci Link 👇https://t.co/4WkEJ2p3vw
pic.twitter.com/ADf1qWvkV2 — CryptoQuant.com (@cryptoquant_com)
December 3, 2024 The analyst noted: Since the approval of spot
Bitcoin ETFs, institutional demand has significantly increased.
With retail investor interest likely to join this trend soon,
Bitcoin appears poised to surpass the $100,000 level in the near
future. Featured image created with DALL-E, Chart from TradingView
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