Bitcoin (BTC-USD) could be on the verge of a short-term recovery, according to new analysis from CryptoQuant. As of October 3rd, Bitcoin’s price had tested the $60,000 support level multiple times, causing some jitters. But behind the scenes, demand in the United States is strong—especially as shown by the Coinbase (COIN) premium metric.
Golden Cross Signals Upward Movement
CryptoQuant’s Quicktake blog explained that when the daily moving average of the Coinbase premium crosses above the weekly moving average, a so-called “golden cross” occurs. Historically, this has led to significant upward price movements. One contributor, Yonsei_dent, noted that the last time this happened, Bitcoin surged past $66,000.
U.S. Investors Fueling Market Optimism
Despite a recent dip, the appetite for Bitcoin in the U.S. remains high. As Cointelegraph reported, U.S.-based investors are still showing strong demand, keeping the Coinbase premium positive over Binance. Axel Adler Jr., another CryptoQuant analyst, pointed out that the inflow of Bitcoin into Coinbase remains in the “green zone,” which signals optimism for Bitcoin’s price outlook.
What Is the Price of Bitcoin Right Now?
At the time of writing, BTC is sitting at $61,369.91.
