Rally

Spike

Bitcoin

<p>Coinbase premium index has noticed a significant spike which shows an increase in demand for Bitcoin in the&nbsp;<strong>US market</strong>. This index is the price disparity between Bitcoin on Coinbase and the rest of the exchanges indicating that U.S. investors are buying more. Currently,&nbsp;<a href="https://www.thecoinrepublic.com/2024/08/08/6-8m-loan-for-buying-bitcoin-is-it-a-good-idea-for-metaplanet/" rel="noopener noreferrer nofollow">Bitcoin</a>&nbsp;trades at $60,557, showing signs of recovery from recent lows.</p>
<p>This is backed up by CryptoQuant data which indicates renewed buying pressure in the U.S. even with the volatile financial markets. However, the interest in Bitcoin within the U.S. remains robust, underscoring a sustained bullish sentiment among American investors.</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a>: demand back in the US market<br><br>“Coinbase Premium Index turned positive again… High premium values could indicate US investors' strong buying pressure in Coinbase.” – By <a href="https://twitter.com/IT_Tech_PL?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@IT_Tech_PL</a> <br><br>Read more <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://t.co/Ks4YOLNVqg" rel="noopener noreferrer nofollow">https://t.co/Ks4YOLNVqg</a> <a href="https://t.co/QDLlo9y2US" rel="noopener noreferrer nofollow">pic.twitter.com/QDLlo9y2US</a></p>— CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1821481225472868747?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 8, 2024</a>
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<h2 class="wp-block-heading" id="h-bitcoin-s-price-market-movements"><strong>Bitcoin’s Price Market Movements</strong></h2>
<p>Recent market trends have exposed Bitcoin to a lot of volatility, and there has been a swift bounce back from a drop to $49,000 to around $60,000. This recovery was important as neutralized the market sentiment and prevented further losses.</p>
<p>According to analyst Julio Moreno from CryptoQuant, these movements are crucial for Bitcoin to hit a new all-time high. Moreno’s analysis focuses on the $45,000 support level as the most crucial one in the current situation.</p>
<p>Moreover, Ki Young Ju, the founder of CryptoQuant, said that as long as the Bitcoin price stays above&nbsp;<a href="https://x.com/ki_young_ju/status/1820836997487055301" rel="noopener noreferrer nofollow">$45K</a>, it could break its all-time high again within a year. The market’s reaction to this level could be decisive for the long-term outlook for Bitcoin.</p>
<p>Ki Young Ju, however, said if the bearish market grows over a month the recovery may be difficult.</p>
<h2 class="wp-block-heading" id="h-long-term-holders-and-market-confidence"><strong>Long-Term Holders and Market Confidence</strong></h2>
<p>The behavior of long-term Bitcoin holders has often served as a bellwether for market confidence. Recent data indicates significant&nbsp;<a href="https://x.com/ki_young_ju/status/1820926833325457760" rel="noopener noreferrer nofollow">accumulation,</a>&nbsp;with over 404,000 BTC, valued at more than $23 billion, being moved to long-term storage. This trend suggests a strong belief in the future of Bitcoin, as investors commit to holding despite recent volatility.</p>
<p>Additionally, the Accumulation/Distribution line, another key metric, has shown an upward trend, now sitting at a value of 5.35M. This metric provides insight into the aggregate movements of&nbsp;<a href="https://www.thecoinrepublic.com/2024/08/07/michael-saylor-bullish-on-btc-will-bitcoins-rally-lead-to-long-term-gains-for-altcoins/" rel="noopener noreferrer nofollow">Bitcoin</a>&nbsp;among traders, indicating that despite some selling pressures, the overall market stance is leaning towards accumulation rather than distribution.</p>
<h2 class="wp-block-heading" id="h-analyzing-bear-and-bull-indicators"><strong>Analyzing Bear and Bull Indicators</strong></h2>
<p>Despite the optimistic accumulation trends, there are indications of potential bearish phases in the market. The Bull-Bear Market Cycle Indicator recently flagged a bear phase, which has historically preceded downturns in the market. This signal was noted for the first time since January 2023.</p>
<p>On the other hand, the state of extreme fear in the market, as noted by on-chain analyst&nbsp;<a href="https://x.com/ali_charts/status/1821524762801455588" rel="noopener noreferrer nofollow">Ali Martinez</a>, might present a prime buying opportunity. Martinez observes that long-term holders continue to increase their holdings, adding over 184,500 BTC during recent market dips. Such activities can often precede market recoveries, as seasoned investors capitalize on lower prices to bolster their positions.</p>
<p>This dynamic interplay between bearish warnings and bullish accumulations continues to define the Bitcoin market landscape.</p>
<p>The post <a href="https://www.thecoinrepublic.com/2024/08/10/bitcoin-sees-spike-in-u-s-demand-could-btc-rally-to-new-ath/" rel="noopener noreferrer nofollow">Bitcoin Sees Spike in U.S. Demand, Could BTC Rally to New ATH?</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.</p>

Bitcoin Sees Spike in U.S. Demand, Could BTC Rally to New ATH?

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