Bitcoin ($BTC) market is indicating a noteworthy growth in America in line with the latest market data. As per IT Tech, Bitcoin’s Coinbase Premium Index has eventually turned positive, highlighting a renewal of interest among the United States-based buyers. The crypto analytics platform took to its official social media account to provide insights into the latest positive shift in Coinbase Premium Index.
Bitcoin Sees Positive Shift in Coinbase Premium Index
IT Tech considers the latest positive level of Bitcoin Coinbase Premium Index as a critical development for a new bull run. As this indicator signifies a renewed investor interest, the demand from the buyers in the U.S. is rising. On the other hand, when the index turns negative, it highlights the rising selling pressure. Over the recent few weeks, it has been going through a negative zone, denoting wider profit-taking and market uncertainty. Nonetheless, the rapid jump into positive zone suggests that investors in the United States may be pulling back from profit-taking.
The positive turn in Coinbase Premium often serves as a bullish signal. In line with the historical data, the rises in the index have led to significant price rallies coinciding with new capital inflows. The market onlookers think that the continuous rise in the demand could lead Bitcoin to test its important resistance levels.
Development Shows Potential for Breakout Above Noteworthy Resistance Levels
According to IT Tech, at the moment, the positive shift in the Coinbase Premium Index could result in a breakout above the present resistance levels. However, this requires the continuation of the buying pressure. On the other hand, the resurgence in selling pressure could result in another correction. Nevertheless, based on the volatile nature of crypto, the actual direction of the future price trajectory remains to be seen.
