As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I’ve seen my fair share of market highs and lows. The recent downturn in Bitcoin (BTC) has been no exception, but the resilience of the U.S. investors is truly remarkable.
As an analyst, I find myself observing Bitcoin (BTC), the dominant cryptocurrency, making a bold attempt to surpass the significant threshold of $60,000 following its recent turbulence. The primary impetus behind this uptick appears to be heightened engagement from U.S. investors, as suggested by the dynamic trends observed on Coinbase.
Bitcoin (BTC) investors in U.S. are buying, Coinbase Premium says
After two weeks in the negative, Coinbase Premium – a significant signal of Bitcoin (BTC) buying behavior among U.S. investors – is moving back into the positive range. At the lowest point of the recent market downturn, it dipped to -0.15%, according to on-chain analyst @IT_Tech_PL from the CryptoQuant community.
#Bitcoin: Investor Demand Resurgent in the U.S. Market
— CryptoQuant.com (@cryptoquant_com) August 8, 2024
Today, the Bitcoin (BTC) price on Coinbase Pro’s USD pair has risen by 1%, surpassing the BTC/USDT rates on prominent spot exchanges by this amount.
In other words, the analyst points out that the increasing interest from American investors could be a sign they are considering purchasing Bitcoin (BTC) at its current price levels.
When Bitcoin’s price reached a local peak above $70,000, the premium on Coinbase rose to 0.4%. However, by mid-January 2022, this indicator had fallen to -0.4% according to the data provided.
The rise in Bitcoin’s (BTC) value triggered approximately $213 million worth of cryptocurrency sell-offs, with nearly half, around $106.5 million, coming from traders who had bet on a price drop (short positions).
In the case of Bitcoin (BTC), the market proved particularly harsh towards bearish investors as a staggering 61% of all liquidated trades involved short positions in BTC/USD pairings, suggesting a significant number of losses for those betting on a price decrease.
Worst is in for BTC?
After the market downturn, trader confidence is growing more positive. Previously reported by U.Today, a knowledgeable on-chain analyst has recently highlighted ten compelling reasons for optimism.
As a researcher, I’ve highlighted three key points that stood out during my analysis:
Last weekend, Raoul Pal, head of Real Vision, expressed an identical viewpoint. He emphasized that his recent statements should not be interpreted as him offloading Bitcoin, rather viewing the price dip from around $50,000 as a ‘cleansing’ or ‘shaking out’ period.
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2024-08-08 19:32