The post Bitcoin Sees Spike in U.S. Demand, Could BTC Rally to New ATH? appeared on BitcoinEthereumNews.com.

Coinbase premium index has noticed a significant spike which shows an increase in demand for Bitcoin in the US market. This index is the price disparity between Bitcoin on Coinbase and the rest of the exchanges indicating that U.S. investors are buying more. Currently, Bitcoin trades at $60,557, showing signs of recovery from recent lows. This is backed up by CryptoQuant data which indicates renewed buying pressure in the U.S. even with the volatile financial markets. However, the interest in Bitcoin within the U.S. remains robust, underscoring a sustained bullish sentiment among American investors. Bitcoin’s Price Market Movements Recent market trends have exposed Bitcoin to a lot of volatility, and there has been a swift bounce back from a drop to $49,000 to around $60,000. This recovery was important as neutralized the market sentiment and prevented further losses. According to analyst Julio Moreno from CryptoQuant, these movements are crucial for Bitcoin to hit a new all-time high. Moreno’s analysis focuses on the $45,000 support level as the most crucial one in the current situation. Moreover, Ki Young Ju, the founder of CryptoQuant, said that as long as the Bitcoin price stays above $45K, it could break its all-time high again within a year. The market’s reaction to this level could be decisive for the long-term outlook for Bitcoin. Ki Young Ju, however, said if the bearish market grows over a month the recovery may be difficult. Long-Term Holders and Market Confidence The behavior of long-term Bitcoin holders has often served as a bellwether for market confidence. Recent data indicates significant accumulation, with over 404,000 BTC, valued at more than $23 billion, being moved to long-term storage. This trend suggests a strong belief in the future of Bitcoin, as investors commit to holding despite recent volatility. Additionally, the Accumulation/Distribution line, another key metric, has shown an upward…

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Filed under: News - @ August 10, 2024 10:06 am