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Journalist Posted: September 27, 2024 Bitcoin saw increased demand in the United States. The Coinbase Premium was still near the zero mark. Bitcoin [BTC] was poised to see short-term price volatility due to the options expiry at the end of the week. A recent AMBCrypto report also noted that the rise in exchange reserves could spark a bout of selling. The MVRV metric revealed that Bitcoin is at a crucial resistance that, if broken, could result in a strong price uptrend. The 155-day MA’s break could set the market up for a rally like the one that began last October. Source: Farside Investors The Bitcoin spot ETF flow table showed that the total flows of the past two weeks have a positive trend.  This outlined the bullish expectations among retail investors. The 30-day net change in holdings also turned positive, Ki Young Ju noted in a post on X. Spot ETF spurs rising buying pressure in the United States Source: CryptoQuant The Founder and CEO of CryptoQuant also pointed out that the U.S. Bitcoin reserve ratio was rising, likely spurred by the spot ETF demand. The rise has been slow but steady over the past fourteen months. In the past two cycles, a rapid increase in the U.S. reserve ratio came a few months before Bitcoin reached the final phase of the bull run. If the pattern holds up once more, a rapid increase in the U.S. reserve ratio could be an early sign of a potential BTC bull run. It also begins to decline noticeably about 4–6 months before the cycle tops. While these observations do not guarantee a similar performance during this run, it is something else for investors to keep an eye on. Bitcoin Coinbase premium showed demand has not peaked Source: CryptoQuant The spot ETF flows,…

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Filed under: News - @ September 27, 2024 3:12 am