Fun

Bitcoin Rally Driven By U.S. Coinbase Investors – Top Analyst Shares Metrics

News Feed - 2024-11-21 09:11:58

Este artículo también está disponible en español.


Bitcoin reached a new all-time high yesterday, surging to $94,000 and solidifying the bulls’ control over the market. This milestone has ignited widespread speculation about the key factors fueling the rally, as Bitcoin continues to dominate headlines and capture investor enthusiasm.  Related Reading Solana Analyst Expects A Retrace Before It Breaks ATH – Targets Revealed 1 day ago


Key insights from CryptoQuant CEO Ki Young Ju shed light on the drivers of this historic surge. According to Ju, this rally has been powered by Coinbase investors, with U.S.-based buyers playing a significant role. The influx of demand from these investors underscores the growing domestic interest in Bitcoin and highlights the critical influence of American market participants on global crypto trends.


Adding to the excitement, market sentiment appears to be heavily influenced by the pro-crypto stance of President-elect Donald Trump. His support for digital assets has sparked optimism across the industry, potentially creating a favorable regulatory environment that could sustain Bitcoin’s growth. Bitcoin Demand Continues To Drive The Price 


Bitcoin demand remains remarkably strong, even as miners and long-term holders (LTHs) take profits during this rally. Despite selling pressure from these groups, BTC continues to rise, underscoring the robust market appetite for the leading cryptocurrency. This strength suggests buyers readily absorb the distributed supply, fueling Bitcoin’s bullish momentum.


CryptoQuant CEO Ki Young Ju recently shared insightful data on X that highlights the driving forces behind this rally. According to Ju, U.S.-based investors using Coinbase have played a pivotal role in Bitcoin’s surge. He referenced the BTC Hourly Coinbase Premium (Volume-Weighted, USDT/USD Adjusted), which measures the difference in Bitcoin prices on Coinbase compared to other exchanges.  Bitcoin Hourly Coinbase Premium (Volume-Weighted, USDT/USD Adjusted) | Source: Ki Young Ju on X


The premium is currently positive and growing, indicating that U.S. investors are willing to pay more for BTC than their international counterparts. This trend demonstrates strong demand from U.S. market participants, likely buoyed by improving market sentiment and potential regulatory optimism. Related Reading Dogecoin Breaking Out Of Falling Wedge Pattern – Analyst Reveals Target 2 days ago


If this upward momentum in U.S. demand persists, Bitcoin’s rally could extend further in the coming weeks, potentially setting new highs before any major correction occurs. However, as with all parabolic trends, traders and analysts remain cautious, recognizing the possibility of eventual pullbacks. The focus remains on Bitcoin’s strength, as buyers continue to outpace sellers, driving the market higher. BTC Setting New Highs (Again) 


Bitcoin (BTC) is trading at $93,300, following its recent break above the all-time high (ATH) of $93,483. While this move marked a new milestone for BTC, the price has since entered a sideways range within a defined uptrend, indicating that demand continues to outweigh supply. However, the breakout above the ATH lacked significant momentum, resembling more of a small spring than a decisive rally. This suggests that bulls might be starting to lose steam. BTC trading at ATH | Source: BTCUSDT chart on TradingView


Despite this, BTC’s ability to maintain above $89,800 in the coming hours will be critical. Holding this key support level could pave the way for a surge to $95,000, aligning with broader market expectations of continued bullish momentum. Such a move would likely reaffirm confidence among investors, potentially driving further buying interest as Bitcoin eyes the psychological $100,000 level. Related Reading Bitcoin Demand Outpaces Supply – On-Chain Metrics Reveal Low Seller Volume 2 days ago


On the other hand, a drop below $89,800 would shift the short-term narrative. This scenario could lead to a retrace toward lower demand zones around $85,000, where buyers might regroup to push prices higher again. As BTC consolidates near its ATH, the market awaits a decisive move to determine whether the bulls remain firmly in control or if a temporary correction is on the horizon.


Featured image from Dall-E, chart from TradingView

News Feed

Russian Bank Run Begins as Ruble Plunges to Record Low Amid Escalating Sanctions
Russian Bank Run Begins as Ruble Plunges to Record Low Amid Escalating Sanctions A bank run has started in Russia as citizens rush to withdraw cash amid escalating sanctions. The R
FBI Seizes Bitcoin From Overseas Scammers Who Posed as US Law Enforcement Officials
FBI Seizes Bitcoin From Overseas Scammers Who Posed as US Law Enforcement Officials The Federal Bureau of Investigation (FBI) says it has seized bitcoin worth millions of dollars f
Ethereum Consolidates Against Bitcoin – Dominance Shift On The Horizon?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Price analysis 8/12: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA
Rakesh Upadhyay3 hours agoPrice analysis 8/12: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADAThe S&P 500 Index is extending its recovery, boosting buying in Bitcoin and select altcoins in the near term.930 Total v
Biden Administration’s Economic Report Deems Crypto Assets ‘Mostly Speculative Investment Vehicles’
Biden Administration"s Economic Report Deems Crypto Assets ‘Mostly Speculative Investment Vehicles’ On Monday, U.S. president Joe Biden published the administration’s eco
Warning Signs? Long-Term Bitcoin Holders Take Profits as Leverage Spikes
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin, Ethereum Technical Analysis: ETH Drops Below $1,600 as Prices Extend Recent Declines
Bitcoin, Ethereum Technical Analysis: ETH Drops Below $1,600 as Prices Extend Recent Declines Ethereum was once again trading in the red, as prices of the token fell below $1,600 d
$25 Million Pledge From Ripple Set To Benefit Teachers And Students Across The US
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
India demands $86M from Binance in unpaid GST taxes
Arijit Sarkar48 minutes agoIndia demands $86M from Binance in unpaid GST taxesBinance faces a demand for nearly $86 million in unpaid GST from Indian authorities, aiming to resume operations after a previous ban.433 Tota
Goldman Sees 26% Downside to Apple Over Nutty Accounting Conspiracy Theory
A Goldman Sachs analyst called for a 25% decline in Apple"s stock because of some wonky accounting related to Apple+. | Credit: AFPGoldman Sachs generally has the best analysts in a
Ana Paula Pereira3 hours agoInsurance, agriculture, and real estate: how asset tokenization is reshaping the status quoDuring a panel moderated by Cointelegraph editor-in-chief Kristina Lucrezia Cornèr at Swiss Web3 Fes
Edward Snowden Says Competing Nations Now Under Pressure to Acquire Bitcoin Following El Salvador
Edward Snowden Says Competing Nations Now Under Pressure to Acquire Bitcoin Following El Salvador Following El Salvador making bitcoin legal tender, privacy activist and whistleblo