Bitcoin prices soared over the weekend after weaker-than-expected inflation data was released in the United States. Interestingly, one analyst presented data and new angles on US influence on China. $BTC and the general cryptocurrency market.
US Institutional Investors: Key Drivers $BTClatest rally of
Cryptocurrency analyst Burak Kesmesi revealed in a post on social media platform Coinbase Premium Index is $BTC Prices on the US-based Coinbase exchange (USD pair) and the global Binance exchange (USDT pair).
Usually, when the value of the index increases or moves into positive territory, it means there is increasing demand from US investors who are willing to pay higher amounts than other global investors to buy the flagship cryptocurrency. On the other hand, the Coinbase Premium Index below the zero mark means that US investors are buying less than investors in other parts of the world.
Ultimately, the Bitcoin Coinbase Premium Index provides insight into the sentiment of US investors (mainly institutional investors) and how it differs from the sentiment of global exchanges like Binance. According to Kesmeci, this indicator has a direct relationship with Bitcoin price, suggesting that US investor demand plays a large role in Bitcoin price. $BTC Market dynamics.
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This relationship is very clear when looking at the chart. During periods when the index remained positive, Bitcoin rose from 41,000 to 126,000, while during periods when the index turned negative, Bitcoin fell from 126,000 to 60,000.
Kesmesi noted that the “easing of negative pressure” on the Coinbase Premium Index is driving the positive gains seen in Bitcoin prices, a trend that can be seen in recent price movements. After the index turned positive in the past few days. $BTC It then rose to over $73,000.
Analysts have released additional data showing that the Coinbase Bitcoin Premium Index is very green on an hourly basis. “Data confirms that a locomotive carrying 66,000 to 73,000 Bitcoins is positive sentiment among US investors (particularly whales),” Kesmeci concluded in a follow-up post.
Bitcoin price overview
At the time of writing this article, the price is $BTC It stands at approximately $73,330, reflecting an increase of more than 1% in the past 24 hours.
