Bitcoin, the largest cryptocurrency asset, could be set for positive movement once again. Recent developments around Coinbase Premium spark the potential for a short-term rally, suggesting a positive outlook for BTC in the upcoming weeks.

Short-Term Rally For Bitcoin On The Horizon

The Coinbase Premium, a key indicator that measures BTC’s price differences on the Coinbase platform and other cryptocurrency exchanges, is displaying a possible optimistic movement for Bitcoin’s price in the near term. This implies institutional investors in the United States are heavily purchasing the crypto asset, indicating rising demand and bullish sentiment in the US market, which could cause a short-term upswing for BTC as these investors seeks to capitalize on its growing strength.

Yonsei Dent, a market expert and enthusiast, reported the development in a recent quicktake post on the leading on-chain analytics platform, CryptoQuant. The expert predicts that a brief leg up may be imminent after analyzing the Coinbase Premium Index on the 1-hour time frame and using the 24-hour and weekly moving averages to identify short-term momentum.

Following the thorough investigation, Dent discovered that when the daily moving average decisively broke through the weekly moving average, significant results were also seen in the price movement.

Considering past movements in Bitcoin, the expert highlighted that there was also a short-term rise in price when Go to Source to See Full Article
Author: Godspower Owie