Editor's PiCK
[Analysis] "Coinbase Premium Rebounds... Bitcoin Buying Pressure Increases"
Summary
- CryptoQuant announced that the Coinbase Premium Index has surpassed the 14-day moving average.
- This indicates that Bitcoin buying pressure has strengthened and suggests the possibility of further increases.
- Currently, Bitcoin is trading at around $98,000, up 1.1% from the previous day.
The Coinbase Premium Index has surpassed the 14-day moving average for the first time in about a month. This signal is interpreted as an indication that investors' buying pressure is strengthening again.
On the 3rd (local time), the on-chain data analysis platform CryptoQuant stated on its official X, "When the Coinbase Premium Index surpassed the 14-day moving average last November, strong buying pressure flowed into Bitcoin, pushing it over $100,000," adding this observation.
Furthermore, they added, "If the Coinbase Premium Index continues to stay above the 14-day moving average, the price of Bitcoin is likely to rise further." On this day, Bitcoin is trading at around $98,000 on the Binance Tether (USDT) market, up 1.1% from the previous day.
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀
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