Bitcoin Demand Surge: Binance Buyers Take Charge As Coinbase Premium Falls
21 September 2024 - 6:00AM
NEWSBTC
A recent analysis from a CryptoQuant analyst, known by the
pseudonym ‘Avocado Onchain,’ has highlighted a notable
development in the Bitcoin market. According to the analyst’s
observations, the Coinbase Premium, which tracks the price
difference between Bitcoin on Coinbase and Binance, has turned
negative. This indicates that the price of Bitcoin is lower on
Coinbase compared to Binance, a signal that often points to a
divergence in buying activity across different markets. Related
Reading: Here’s Why A Green September Close Is Important For The
Bitcoin Price Buying Pressure Shifts To Global Markets Despite the
negative Coinbase Premium, the analyst noted that Bitcoin’s price
has increased. This suggests that while US-based traders on
Coinbase may not be driving the price up, there is significant
buying pressure on Binance, a major exchange catering to global
users. The analyst pointed out that the negative Coinbase Premium
suggests buyers outside the US are more active, particularly on
Binance, where the price is slightly higher. Negative Coinbase
Premium Signals Strong Buying Pressure on Binance “During the
current upward trend, the fact that the Coinbase Premium is
negative while #Bitcoin’s price isn’t falling suggests that there
is strong buying pressure occurring on Binance.” – By
@avocado_onchain… pic.twitter.com/ipZ09cA1JK — CryptoQuant.com
(@cryptoquant_com) September 20, 2024 This buying activity reflects
a stronger demand for Bitcoin on international platforms. Adding to
the analysis, Avocado noted that for Bitcoin to experience a more
substantial price increase, buying pressure would need to continue
its expansion globally, driven by fear of missing out (FOMO) across
multiple regions. According to the analyst, this shift in buying
pressure toward Binance is seen as a “positive sign” for Bitcoin’s
price trajectory. Bitcoin Performance So Far Notably, Bitcoin’s
price performance has reflected the positivity from this buying
pressure shift. The asset has seen a significant increase in
the past day, rising to above $64,000 in the early hours of Friday.
However, Bitcoin has now seen a slight decrease from this 24-hour
high to a trading price of $62,831, at the time of writing down by
0.7% in the past day. Notably, the increase in BTC price to over
$64,000 also resulted in a brief spike in Bitcoin’s market cap
valuation, rising by $20 billion to roughly $1.260 trillion before
now sitting at $1.242 trillion at the time of writing. Related
Reading: Bitcoin Price Pushes Higher As The Bulls Set Sights on
$65K According to analysts, Bitcoin major rally is fast
approaching. A crypto YouTuber known as Crypto
Rover recently pointed out on X that the
Bitcoin bull market usually starts 170 days after
halving. Rover speculated that as the market currently stands 153
days after the halving, is it possible for history to repeat
itself? Usually, the #Bitcoin bull market starts 170 days after
halving. The market top is 480 days after halving. Currently, we
are 153 days after the $BTC halving. Will history repeat?
pic.twitter.com/O4Ey0vQa39 — Crypto Rover (@rovercrc) September 20,
2024 Featured image created with DALL-E, Chart from TradingView
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