Bitcoin rebounded from $58,000 to $64,000, and CryptoQuant says US whale demand was the main force behind the move. In its latest market analysis, the firm said Coinbase Premium, a gauge tied to US spot demand, has climbed back above its 14-day moving average, pointing to a recovery in buying momentum.
Coinbase Premium Moves Back Above the 14-Day Average
Coinbase Premium measures the BTC/USDT price gap between Coinbase and Binance and is widely used to track demand from the US market. CryptoQuant analyst Burak Kesmeci said the Coinbase Premium indexes for both BTC and ETH are still negative, but each has rebounded from local lows and reclaimed the SMA14 level.
He said that shift helps explain why BTC rose from $58,000 to $64,000 and ETH climbed from $1,500 to $1,750. CryptoQuant put the current Coinbase Premium reading at -0.08, with the indicator remaining below zero for more than two months. Kesmeci added that the setup for a short-term rebound is now in place, though a move above the zero line is still needed before calling a longer-term trend reversal.
Bitcoin Suisse Points to a Bottom Signal Framework
Crypto finance firm Bitcoin Suisse also published a constructive view. The firm said the market had gone through eight weeks of ETF outflows and Bitcoin had fallen to a 21-month low, but conditions changed this week.
Data from Farside Investors showed that US spot Bitcoin ETFs posted net outflows for three straight days this week, totaling $95.3 million. Even so, that came after the market had already ended a longer outflow stretch that reached $2.7 billion. Bitcoin Suisse said the Crypto Fear and Greed Index remains at the lower end of the “extreme greed” zone, and that its broader bottom signal framework has now been activated. The firm also said this should not be taken as investment advice.