bullish

United

Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin exhibits potential for short-term price volatility due to upcoming options expiry.</li>
 <li>Despite increased demand in the U.S., the Coinbase Premium remains near zero, indicating no imminent bull run.</li>
</ul>
<p>Bitcoin’s demand in the United States has seen a rise. However, the Coinbase Premium, a key market indicator, remains close to zero.</p>
<h2 id="bitcoin-s-short-term-volatility">Bitcoin’s Short-Term Volatility</h2>
<p>Bitcoin is predicted to experience short-term price volatility, primarily due to options expiry at the week’s end. An increase in exchange reserves might also trigger a selling spree.</p>
<p>The MVRV metric indicates that Bitcoin is at a pivotal resistance level. A breach of this could potentially trigger a strong price uptrend. Furthermore, breaking the 155-day MA could set the stage for a market rally similar to the one in October last year.</p>
<h2 id="u-s-demand-and-coinbase-premium">U.S. Demand and Coinbase Premium</h2>
<p>The Bitcoin spot ETF flow table suggests a positive trend in the total flows over the past two weeks, indicating bullish expectations among retail investors. The 30-day net change in holdings has also turned positive, as noted by Ki Young Ju.</p>
<p>The U.S. Bitcoin reserve ratio has been steadily increasing, likely due to the demand for spot ETF. This slow but steady rise has been observed over the past fourteen months.</p>
<p>Despite the rising demand in the U.S., the Coinbase Premium Index shows that the demand is not high enough to command a significant premium. <a href="https://coineagle.com/exchange/gdax/" rel="noopener noreferrer nofollow">Coinbase</a>, a major crypto exchange for U.S. investors, typically sees a high Bitcoin premium during a bull run. However, the current low Coinbase premium suggests that a bull run is not yet in play.</p>

Uncovered Data Suggests Bitcoin’s Potential for Further Expansion

Table of Contents

CoinEagle.com

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