Coinbase Premium Signals Bullish Momentum
In previous rallies, U.S. investors often sold into resistance, causing most cryptocurrency resistance tests to fail. However, Bitcoin (BTC) has now broken through the key resistance zone, testing $96,000 and holding firmly near $95,000. Turkish on-chain analyst anlcnc1 notes that the Coinbase Premium indicator is signaling a recovery. “When we felt U.S. volume kicking in, the price shot up sharply. Currently, negative bars are moving sideways. Until green bars appear, complete confidence is lacking. If negative bars expand again, the price will move downward.” This analysis suggests increasing buying pressure from U.S. investors, injecting new momentum into the market.
Key Resistance Break Sets Sights on $160K
Another critical signal is Bitcoin reclaiming the average cost level for short-term investors near $97,966. If it holds above this level, the next resistance is the 350-day moving average. Analyst anlcnc1 believes the next target is around $101,000. “Surpassing this level could pave the way for a move toward $160,000. There’s no rush; those who are patient will be victorious.” Fellow analyst Lark Davis is pleased that Bitcoin closed a daily candle above the $94,000 resistance, a feat achieved only twice in the past two months. He states, “The next threshold lies around the psychological level of the $100,000 mark, the 200-day EMA.” Bitcoin currently trades near $95,000, displaying strong resilience.
Ethereum and Altcoins Outlook
The altcoin market is also active, with most coins posting gains exceeding 5%. Ethereum (ETH) faces a critical test; if the altcoin leader shows strong performance, altcoins — which have experienced deeper corrections over the past 90 days — could see rallies exceeding 50% and recover some losses. Analyst DaanCrypto believes that as ETH price reclaims $3,350, we could see a higher peak to capture the 200-day moving average. Currently, Ethereum finds buyer support near $3,300. Overall, market sentiment is shifting from caution to optimism, but investors should remain vigilant about high volatility risks and conduct thorough research.