CandleFocus

Bullish: Coinbase premium index completely reverses course and is now back in the green

Author: Content Editor
The Coinbase Premium Index has turned bullish for the first time since December 16, indicating an uptick in demand from the U.S. market as Bitcoin's price continues to trade above $100,000. Microstrategy made its ninth consecutive Bitcoin purchase worth $101 million, while Whale Alert data showed an accumulation trend in the market. CryptoQuant data revealed a dominance of buying pressure in the American market, with the platform noting that Bitcoin's 14-day Simple Moving Average also turned positive for the first time in three years. BTC's price has surged by 4% in the last 72 hours, and if U.S. investors continue to drive demand, Bitcoin's price could reach new all-time highs. The report also highlighted growing demand and a constriction in Bitcoin's available supply, while predicting that the market will reach its cycle peak by Q1 2025 or Q2 2025. Additionally, spot Bitcoin ETFs gained momentum with $908 million flowing into ETFs on January 3. A report by 10xResearch suggested that Bitcoin could approach its all-time high ahead of Trump's inauguration and have a positive start to the year before a slight pullback leading into the U.S. Consumer Price Index data release on January 15.

Related News