US Demand Drives Bitcoin (BTC) Resurgence as Coinbase Premium Index Turns Positive

The recent price movements of Bitcoin have captured the attention of investors, with data suggesting a resurgence in demand within the United States market.

Recent price movements of Bitcoin have attracted attention, with data indicating a resurgence in demand within the United States market.

As Bitcoin attempts to recover from its recent lows—currently trading at $58,357—indicators point to increased demand, particularly in the U.S. بازار. Bitcoin attempts to recover from recent lows. Source: TradingView.com

Notably, the Coinbase Premium Index measures the difference between Bitcoin prices on Coinbase and other exchanges and serves as a key indicator of U.S. market sentiment.

Positive premium values, indicated by green bars, suggest higher buying pressure on Coinbase, reflecting strong demand from U.S. investors, where the exchange has a larger user base.

Conversely, negative premiums, represented by red bars, indicate selling pressure or reduced buying interest.

For instance, from February to early March, the strong buying pressure from U.S. investors resulted in Bitcoin’s price surge to its all-time high of $73,737.

However, recent trends in the Premium Index show a shift in market sentiment. After a period of negative premiums, indicating selling pressures, the Index has turned positive again in March.

This change suggests a renewed buying interest from U.S. investors, which may be contributing to the recent recovery in Bitcoin’s price.

According to the analytic platform CryptoQuant, the Index turning positive again shows renewed buying pressure from U.S. investors. This trend correlates with a broader pattern of accumulation and market activity, proving the continued interest in Bitcoin despite its recent volatility.

How US Demand Drove Bitcoin to ATH

In addition to the Coinbase Premium Index, the Accumulation/Distribution (Accum/Dist) line provides further insights into investor behavior.

The line’s upward trend, with a current value of 5.35M, indicates ongoing accumulation despite fluctuations in Bitcoin’s price.

This accumulation reflects a longer-term bullish sentiment as investors continue to buy regardless of the recent selling pressures.

Moreover, the 30-day Realized Price, which currently stands at $33,007, shows a significant divergence from Bitcoin’s spot price.

The high premium of the spot price over the realized price indicates that most investors are still in an unrealized profit state, despite the recent market downturn.

This divergence suggests that investors are accumulating at lower price levels, indicating a bullish trend.

Furthermore, recent data reveals a large-scale movement of Bitcoin into long-term wallets, with a net change of 1.19M BTC over the past 30 days.

This accumulation by long-term holders is evident in the decreasing exchange outflows, which نشان دهنده a strong hoarding behavior among investors.

Despite the bullish on-chain signals, some market indicators are suggesting a bear market.

The crypto market fear and greed index has been in the "extreme fear" zone for several weeks, indicating بازار pessimism and a potential bear market.

Additionally, the total crypto market capitalization has fallen below $4 trillion. According to CryptoQuant founder Ki Young Ju, Bitcoin’s uptrend will be confirmed if it maintains a price above $45K.

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