The Bitcoin Coinbase Premium Index, which measures the difference in Bitcoin prices between Coinbase and Binance, has shown a bullish pattern recently. The index dropped into the negative territory last month, indicating that Coinbase users were selling rather than Binance users buying. This aligns with the trend seen throughout the year, where Coinbase investors have influenced BTC price movements. However, in the last few days, the index has reversed and crossed back above the 14-day moving average, suggesting a return of market momentum. This pattern was last seen in November, which led to a Bitcoin rally. The current surge in the index could potentially lead to a buying wave from American traders and further bullish momentum for BTC. At the time of writing, Bitcoin is trading at around $100,900, up over 7% in the last week.



Other News from Today