Bitcoin Coinbase Premium Turns Positive..."US Retail Investors Bought First"

▲ Bitcoin (BTC)

Bitcoin (BTC) has broken through selling pressure in the US market, with its Coinbase Premium index turning positive, setting a technical foundation for a strong price rebound.

According to crypto media outlet Bitcoinist on April 29 (local time), Bitcoin's Coinbase Premium index recently halted its decline and turned green, indicating a resurgence of buying interest from US investors. Joo Ki-young, CEO of CryptoQuant, a virtual asset analyst, analyzed that the selling pressure in the US market has virtually ended, and it is highly likely that a short-term bottom has formed in the virtual asset market. The positive turn of the Coinbase Premium is a key indicator proving that buying interest on Coinbase in the US is stronger than on the global exchange Binance.

With a significant portion of profit-taking sales by US institutional investors, which lasted for several weeks, being absorbed, the market is now in a phase where liquidity is being supplied again. The entry of the Coinbase Premium index into positive territory signifies that institutions and high-net-worth individuals in the US consider the current price range an attractive buying opportunity. Analysts evaluate that with the rapid improvement in sentiment among US investors, Bitcoin is ready to re-challenge the $79,000 resistance level.

Technically, Bitcoin continues its attempts to break out of its downtrend by defending key support levels. With fund inflows into US Bitcoin spot ETFs stabilizing again, the rise in Coinbase Premium provides a solid foundation for price increases. Large investors anticipate that if Bitcoin settles above the 200-day exponential moving average, around the $82,000 mark, a full-fledged Q2 bull market will resume.

As the US Federal Reserve's interest rate decisions align with stabilizing macroeconomic indicators, risk asset preference is recovering. News of additional accumulation by large institutions, including Strategy, has further strengthened the market's downside rigidity. Whale investors are taking advantage of current volatility as an opportunity to rebalance their portfolios and increase their holdings.

Bitcoin has now reached a critical turning point, signaling the recovery of US market dominance with the rise in the Coinbase Premium index. With a consensus among institutional and retail investors for buying, market volatility remains open to the upside. Whether Bitcoin breaks through $79,000 will be a key indicator determining the sustainability of the future bull market, and investors are monitoring Coinbase's real-time price movements and responding accordingly.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*