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

▲ Bitcoin (BTC)

Bitcoin (BTC) has broken through the selling pressure in the US market, and as the Coinbase Premium index turned positive, it has laid a technical foundation for a strong price rebound.

According to Bitcoinist, a cryptocurrency specialized media outlet, on April 29 (local time), Bitcoin's Coinbase Premium index recently stopped its decline and lit up green, suggesting that buying pressure from US investors is reviving. 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 probable that a short-term bottom has formed in the virtual asset market. The positive shift in Coinbase Premium is a key indicator proving that buying pressure on US Coinbase is stronger than on global exchange Binance.

As a significant portion of profit-taking by US institutional investors, which continued for several weeks, has been 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 assessed that with a rapid improvement in US investor sentiment, Bitcoin is ready to re-challenge the $79,000 resistance level.

Technically, Bitcoin is defending key support levels and continuing its attempts to break out of the downtrend. With capital inflows into US spot Bitcoin 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 at the $82,000 mark, a full-fledged Q2 bull market will resume.

With the US Federal Reserve's interest rate decisions aligning with the stabilization of macroeconomic indicators, risk asset preference is recovering. Along with news of additional accumulation by large institutions, including Strategy, the market's downward rigidity has been further strengthened. Whale investors are using the current volatility as an opportunity to rebalance their portfolios and are adopting a strategy to increase their holdings.

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

*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.*