Bitcoin experienced a surge in its price, reaching an intraday high of $102,599, following the delay of tariffs on Canada and Mexico by US President Donald Trump. This policy shift has led to increased buying activity among American investors, pushing the Coinbase Premium Index to its highest level of the year. The Coinbase Premium Index measures the difference between coin prices on Coinbase and Binance and indicates significant buying activity by US-based investors on Coinbase. Additionally, BTC's Short-Term Spent Output Profit Ratio suggests that price corrections are becoming shallower, demonstrating stronger market confidence among short-term investors. However, despite the surge in buying, bearish pressure remains strong as indicated by the coin's Moving Average Convergence Divergence (MACD) readings, with a potential decline to $95,513 if this pressure persists. If the bulls regain dominance, BTC's price could break above the $102,538 resistance level and approach its all-time high of $108,388.



Other News from Today