Editor's PiCK
[Analysis] "Coinbase Premium Rising... Signal of US Institutional Accumulation"
Summary
- It was analyzed that the Coinbase Premium index is rising, which could sustain the Bitcoin bullish market.
- It was stated that this is a strong signal that US institutions and whales are actively accumulating Bitcoin.
- It was reported that the rise in the Coinbase Premium index could increase the buying pressure for Bitcoin.
An analysis has emerged that the bullish market for Bitcoin (BTC) could continue for a while, driven by the rise in the Coinbase Premium Index.
CryptoQuant contributor Woo Min-kyu stated on the 20th, "The 30-day exponential moving average (EMA) of the recent Coinbase Premium Index is showing a movement to cross above the 100-day EMA again." He said, "This could be a strong signal that US institutions and whales (large investors) are actively accumulating Bitcoin," adding, "In the past, there have been many cases where Bitcoin prices surged after a similar crossover occurred."
Woo further analyzed, "The rise in the Coinbase Premium Index could lead to increased buying pressure for Bitcoin by institutions." He added, "When the (Coinbase Premium) index rises, there is a tendency for the Bitcoin bullish market to continue," and "If the index continues to rise, it will positively impact maintaining the ongoing bullish market."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
