a leading one cryptocurrency CryptoQuant, an analysis firm, cited the recent behavior of the Coinbase Premium Index as an important indicator. Bitcoin He detected a potential bullish sign for .
According to their analysis, Bitcoin may be poised for a short-term price increase driven by renewed demand from US-based investors.
The Coinbase Premium Index, which tracks the price difference between Bitcoin on Coinbase and other exchanges, is often used as a gauge for U.S. investor interest. CryptoQuant analyzed the index on a 1-hour time frame using both 24-hour (daily) and 168-hour (weekly) moving averages to evaluate short-term momentum. Historically, when the daily moving average crosses above the weekly moving average, a formation known as a “golden crossover,” it has often been followed by significant price movements.
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Currently, the daily moving average has temporarily moved above the weekly average, narrowing the gap between the two. According to analysts, this indicates that upward pressure may occur with the possibility of a short-term rally. “The gap between the daily and weekly averages is increasingly narrowing,” CryptoQuant said, pointing to past examples where such a golden crossover led to price increases.
As an example, CryptoQuant cited the October 1 price correction from $66,000 to around $61,000. They noted that despite the decline, demand from US investors remained strong and this was reflected in rising Coinbase Premium. This consistent demand could provide the necessary momentum for Bitcoin to recover and rise in the short term, according to the report.
*This is not investment advice.
Source: Bitcoinsistemi.com