The Coinbase Premium Index has surpassed the 14-day moving average for the first time in about a month. This signal is interpreted as an indication that investors’ buying pressure is strengthening again.
On the 3rd (local time), the on-chain data analysis platform CryptoQuant stated on its official X, “When the Coinbase Premium Index surpassed the 14-day moving average last November, strong buying pressure flowed into Bitcoin, pushing it over $100,000,” adding this observation.
Furthermore, they added, “If the Coinbase Premium Index continues to stay above the 14-day moving average, the price of Bitcoin is likely to rise further.” On this day, Bitcoin is trading at around $98,000 on the Binance Tether (USDT) market, up 1.1% from the previous day.