Bitcoin Up 22%! Coinbase Prime Announces A Powerful Bull Run
In September 2024, Bitcoin (BTC) enjoyed an exceptional performance, marking its best September on record. This spectacular rise is largely attributed to the return of the Prime Coinbase, a key indicator of demand from American investors. A trend that could well propel BTC to new heights!
Bitcoin up 22% in three weeks!
In the last three weeks, the price of BTC has increased by 22%, reaching levels not seen since August. On September 26, the Coinbase premium hit a two-week high, indicating strong buying pressure from U.S. investors. This premium measures the price difference between bitcoin on Coinbase and other exchange platforms and is often used to gauge U.S. investor demand.
This rise in the Coinbase premium coincides with an increase in daily inflows to Bitcoin ETFs. On September 26, these inflows reached $365.7 million as BTC prices hit new monthly highs. This suggests that institutional investors are starting to turn to bitcoin again, especially after the rate cuts earlier this month.
A Long-Term Bullish Pattern
On September 23, Bitcoin managed to close above $65,000, breaking a five-month downtrend. This “high time frame” (HTF) pattern indicates a possible new long-term bullish trend. However, the key resistance levels to watch are now $68,100 and $71,500, which BTC/USD failed to surpass this summer.
Historically, September has been a bearish month for Bitcoin, with the largest previous gain being a 6% increase in 2016. However, this year, Bitcoin seems to be defying expectations, paving the way for a potentially bullish fourth quarter.
Finally, the return of the Coinbase premium and the increase in flows to Bitcoin ETFs suggest renewed interest in BTC from both institutional and retail investors. If this trend continues, Bitcoin could continue to surprise the markets in the coming months.
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Le monde évolue et l'adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m'intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l'optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.