 Bitcoin analysis sees BTC price gains on Coinbase premium golden cross 
2024-10-04

Bitcoin BTCUSD could see relief from its recent downturn next as United States demand stays higher, says analysis.
In one of its Quicktake blog posts on Oct. 3, onchain analytics platform CryptoQuant revealed the “possibility of a short-term BTC increase.”
Golden cross boosts “short-term” BTC price recovery bets
BTC price action has delivered several tests of $60,000 support this week amid market jitters over the situation in the Middle East.
Behind the scenes, however, demand is strong — as indicated by the popular Coinbase premium metric.
The Coinbase premium measures the difference in pricing between the BTCUSD pair on the largest US exchange, Coinbase, and Binance’s BTCUSDT equivalent.
Moving averages covering the size of the premium are, in turn, correlated with specific BTC price behavior, as shown by CryptoQuant contributor Yonsei_dent.
“We analyzed the Coinbase Premium Index on a 1-hour time frame to observe short-term momentum, utilizing the 24-hour (daily) and 168-hour (weekly) moving averages for added context,” he explained. 

Such a “golden cross” scenario last occurred late last month, capturing Bitcoin’s move above $66,000.
Yonsei_dent added that “despite the price correction from $66k to approximately $61k around October 1st, the continued rise in demand from US-based investors suggests renewed upward pressure.” 
“This consistent demand, as reflected by the Coinbase Premium, could signal a potential short-term recovery in Bitcoin’s price,” he concluded.
Bitcoin enjoys “strong” US demand
As Cointelegraph reported, Coinbase has seen a positive premium over Binance return in recent weeks, itself an encouraging signal for BTC price performance.
Overall, exchanges continue to witness mass withdrawals as BTCUSD tests support, with the tally hitting its highest since the FTX meltdown in November 2022.
Analyzing the Coinbase Flow Pulse tool, which measures shifts into Coinbase from other trading platforms, fellow CryptoQuant contributor Axel Adler Jr. reached similar conclusions on price outlook.
“The Bitcoin inflow to CoinBase from all exchanges remains in the green zone, indicating strong demand for coins in the US market,” he told X followers alongside a chart on Oct. 4. 

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