{"id":657386,"date":"2024-12-05T04:30:03","date_gmt":"2024-12-05T04:30:03","guid":{"rendered":"https:\/\/ktsl888.com\/?p=657386"},"modified":"2024-12-05T02:21:30","modified_gmt":"2024-12-05T02:21:30","slug":"bitcoins-next-move-coinbase-premium-suggests-a-short-term-rally-may-be-brewing","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/bitcoin-news\/bitcoins-next-move-coinbase-premium-suggests-a-short-term-rally-may-be-brewing\/","title":{"rendered":"Bitcoin\u2019s Next Move? Coinbase Premium Suggests a Short-Term Rally May Be Brewing"},"content":{"rendered":"<p data-pm-slice=\"1 1 []\">According to recent <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/675068c2392ca51709769a09-Short-Term-Bitcoin-Uptrend-Potential-Observed-in-Coinbase-Premium\" rel=\"nofollow\">insights<\/a>, Bitcoin (BTC) seems to be on the verge of another rally, which suggests the potential for short-term upward momentum.<\/p>\n<p data-pm-slice=\"1 1 []\">At the heart of this discussion is the Coinbase Premium Index, a critical indicator analyzed in one hour by CryptoQuant analyst Yonsei Dent.<\/p>\n<p data-pm-slice=\"1 1 []\">This metric and specific moving average trends have\u00a0highlighted conditions that could pave the way for Bitcoin to regain its upward trajectory.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/is-bitcoin-100000-goal-in-jeopardy-options-market-show-increased-downside-protection\/\" target=\"_blank\" rel=\"noopener \">Is Bitcoin $100,000 Goal In Jeopardy? Options Market Show Increased Downside Protection<\/a><\/div>\n<h2 data-pm-slice=\"1 1 []\">Upward Move On The Horizon<\/h2>\n<p data-pm-slice=\"1 1 []\">The Coinbase Premium Index measures the price gap between Bitcoin on Coinbase and other exchanges, offering a glimpse into market sentiment and institutional demand.<\/p>\n<p data-pm-slice=\"1 1 []\">Dent\u2019s analysis zeroes in on the daily (24-hour) and weekly (168-hour) moving averages. Historical data indicates that significant Bitcoin price movements tend to occur when the daily average decisively crosses above the weekly average\u2014a pattern commonly called a &#8220;golden cross.&#8221;<\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/405217\/quicktake\/7WKtDe6ZG_893f63700e0354820798cc0aee90d3000e26ea06bc97e8900005f319a6b3c2ee.png?resize=1280%2C520&#038;ssl=1\" alt=\"Bitcoin price and Coinbase premium gap.\" width=\"1280\" height=\"520\"><figcaption class=\"wp-caption-text\">Bitcoin price and Coinbase premium gap. | Source: CryptoQuant<\/figcaption><\/figure>\n<p data-pm-slice=\"1 1 []\">According to Dent\u2019s findings, the weekly moving average has recently transitioned from a negative slope to a positive one, setting the stage for a potential golden cross.<\/p>\n<p data-pm-slice=\"1 1 []\">This shift is significant, as previous instances of a positive slope combined with a golden cross have been followed by <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-silent-whales-rising-exchange-inflows-hint-at-markets-next-big-move\/\" target=\"_blank\" rel=\"noopener \">pronounced price increases<\/a>.<\/p>\n<p data-pm-slice=\"1 1 []\">Additionally, Bitcoin is forming higher lows, a bullish signal, while also shaping a converging triangle pattern. If demand levels rise adequately, these<a href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-exchange-reserves-plunge-to-multi-year-lows-will-btc-gain-from-supply-crunch\/\" target=\"_blank\" rel=\"noopener \"> technical patterns<\/a> could signal the beginning of a renewed uptrend.<\/p>\n<p>While these indicators point to optimism, the CryptoQuant analyst emphasizes the importance of sustained demand.<\/p>\n<p>The analyst mentioned that historical patterns suggest that once this sufficient demand materializes, Bitcoin often experiences strong upward momentum, potentially attracting retail and institutional <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-price-supported-by-all-stablecoins-cash-inflow-data-reveals-strong-correlation\/\" target=\"_blank\" rel=\"noopener \">investors back into the market<\/a>.<\/p>\n<h2>Technical Outlook On Bitcoin<\/h2>\n<p>Bitcoin is trading at $96,216, reflecting a 0.3% increase in the past day and a 1.3% rise over the past week.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/e4SwMaxo\/\" alt=\"Bitcoin (BTC) price chart on TradingView\" width=\"2770\" height=\"1496\"><figcaption class=\"wp-caption-text\">BTC price is moving upwards on the 2-hour chart. Source: BTC\/USDT on<a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=BINANCE%3ABTCUSDT.P\" target=\"_blank\" rel=\"noopener nofollow\"> TradingView.com<\/a><\/figcaption><\/figure>\n<p>Amid this price activity, a report from another CryptoQuant analyst Burak Kesmeci, highlights notable behavior among US investors, who seem to be taking advantage of even minor dips in BTC\u2019s value.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-price-supported-by-all-stablecoins-cash-inflow-data-reveals-strong-correlation\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Price Supported By All-Stablecoins Cash Inflow \u2013 Data Reveals Strong Correlation<\/a><\/div>\n<p>Kesmeci revealed that within the last 24 hours, Coinbase recorded two significant withdrawal transactions, each exceeding 8,000 BTC, highlighting <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/1-87b-bitcoin-withdrawals-from-coinbase-in-24h-what-this-means-to-price\/\" target=\"_blank\" rel=\"noopener \">sustained investor interest<\/a> in the asset.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Two Significant Outflows Exceeding 8k <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">#BTC<\/a> Each from Coinbase in the Last 24h<\/p>\n<p>\u201c19,487 <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">$BTC<\/a> were withdrawn, with an average cost of $96,043. The total value of these two transactions amounts to approximately $1.87 billion.\u201d \u2013 By <a href=\"https:\/\/twitter.com\/burak_kesmeci?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">@burak_kesmeci<\/a><\/p>\n<p>Link \ud83d\udc47<a href=\"https:\/\/t.co\/4WkEJ2p3vw\" target=\"_blank\" rel=\"noopener nofollow\">https:\/\/t.co\/4WkEJ2p3vw<\/a> <a href=\"https:\/\/t.co\/ADf1qWvkV2\" target=\"_blank\" rel=\"noopener nofollow\">pic.twitter.com\/ADf1qWvkV2<\/a><\/p>\n<p>\u2014 CryptoQuant.com (@cryptoquant_com) <a href=\"https:\/\/twitter.com\/cryptoquant_com\/status\/79983530?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">December 3, 2024<\/a><\/p><\/blockquote>\n<p>The analyst noted:<\/p>\n<blockquote><p>Since the approval of spot Bitcoin ETFs, institutional demand has significantly increased. With retail investor interest likely to join this trend soon, Bitcoin appears poised to surpass the $100,000 level in the near future.<\/p><\/blockquote>\n<p>Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to recent insights, Bitcoin (BTC) seems to be on the verge of another rally, which suggests the potential for short-term upward momentum. At the heart of this discussion is the Coinbase Premium Index, a critical indicator analyzed in one hour by CryptoQuant analyst Yonsei Dent. This metric and specific moving average trends have\u00a0highlighted conditions that could pave the way for Bitcoin to regain its upward trajectory. Related Reading: Is Bitcoin $100,000 Goal In Jeopardy? Options Market Show Increased Downside Protection Upward Move On The Horizon The Coinbase Premium Index measures the price gap between Bitcoin on Coinbase and other exchanges, offering a glimpse into market sentiment and institutional demand. Dent\u2019s analysis zeroes in on the daily (24-hour) and weekly (168-hour) moving averages. Historical data indicates that significant Bitcoin price movements tend to occur when the daily average decisively crosses above the weekly average\u2014a pattern commonly called a &#8220;golden cross.&#8221; According to Dent\u2019s findings, the weekly moving average has recently transitioned from a negative slope to a positive one, setting the stage for a potential golden cross. This shift is significant, as previous instances of a positive slope combined with a golden cross have been followed by pronounced price increases. Additionally, Bitcoin is forming higher lows, a bullish signal, while also shaping a converging triangle pattern. If demand levels rise adequately, these technical patterns could signal the beginning of a renewed uptrend. While these indicators point to optimism, the CryptoQuant analyst emphasizes the importance of sustained demand. The analyst mentioned that historical patterns suggest that once this sufficient demand materializes, Bitcoin often experiences strong upward momentum, potentially attracting retail and institutional investors back into the market. Technical Outlook On Bitcoin Bitcoin is trading at $96,216, reflecting a 0.3% increase in the past day and a 1.3% rise over the past week. Amid this price activity, a report from another CryptoQuant analyst Burak Kesmeci, highlights notable behavior among US investors, who seem to be taking advantage of even minor dips in BTC\u2019s value. Related Reading: Bitcoin Price Supported By All-Stablecoins Cash Inflow \u2013 Data Reveals Strong Correlation Kesmeci revealed that within the last 24 hours, Coinbase recorded two significant withdrawal transactions, each exceeding 8,000 BTC, highlighting sustained investor interest in the asset. Two Significant Outflows Exceeding 8k #BTC Each from Coinbase in the Last 24h \u201c19,487 $BTC were withdrawn, with an average cost of $96,043. The total value of these two transactions amounts to approximately $1.87 billion.\u201d \u2013 By @burak_kesmeci Link \ud83d\udc47https:\/\/t.co\/4WkEJ2p3vw pic.twitter.com\/ADf1qWvkV2 \u2014 CryptoQuant.com (@cryptoquant_com) December 3, 2024 The analyst noted: Since the approval of spot Bitcoin ETFs, institutional demand has significantly increased. With retail investor interest likely to join this trend soon, Bitcoin appears poised to surpass the $100,000 level in the near future. Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":657562,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,629,1119,78790,1393,87374,10923,83531],"class_list":["post-657386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-market","tag-btc","tag-btcusdt","tag-coinbase","tag-coinbase-premium","tag-crypto-market","tag-cryptoquant"],"acf":[],"yoast_head":"\n<title>Bitcoin Next Move? Coinbase Premium Suggests a Short-Term Rally May Be Brewing<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) seems to be on the verge of another rally, according to recent insights which suggests the potential for short-term upward...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoins-next-move-coinbase-premium-suggests-a-short-term-rally-may-be-brewing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Next Move? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/ktsl888.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin\u2019s Next Move? 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