- CryptoQuant analysts said bitcoin had rebounded above $80,000 and crossed its 1-year moving average at $80,061, signaling the possible start of a new recovery phase.
- They identified the 2-year moving average at $88,761 as the next key level, while warning that U.S. spot demand had not consistently confirmed the rally.
- The Coinbase Premium stood near -0.02 with bitcoin trading around $81,500, indicating relatively weaker demand on Coinbase than on Binance.
CryptoQuant analysts drew attention to bitcoin’s rebound above $80,000 and its approach toward the 2-year moving average. According to the firm, clearing $80,000 may mark the start of a new phase of market recovery.
Bitcoin had moved above its 1-year moving average, then at $80,061, and was heading toward $85,000. CryptoQuant identified the 2-year moving average at $88,761 as the next key level.
The analysts said that if upward momentum holds and bitcoin breaks through that resistance level, the move could become a catalyst for a more sustained bull trend. However, CryptoQuant said the structure of demand did not yet fully confirm the price recovery.
Coinbase Premium returns below zero
The Coinbase Premium index, which measures the difference between bitcoin’s U.S. dollar price on Coinbase and its USDT price on Binance, fell back into negative territory. Experts said a positive reading typically indicates relatively stronger demand on Coinbase, while a negative reading points to weaker demand or greater selling pressure on the U.S. venue.
The indicator stood at around -0.02 while bitcoin traded near $81,500, according to CryptoQuant data. It had slipped below zero after briefly turning positive.
CryptoQuant analysts said the reading showed that bitcoin’s rebound was not yet accompanied by consistently higher demand on Coinbase than on Binance. They noted that a persistently positive Coinbase Premium has historically often coincided with stronger bitcoin gains when U.S. spot demand helped drive the move.
The analysts suggested monitoring whether the metric returns above zero, remains in positive territory and rises alongside bitcoin’s price. If bitcoin continues climbing while the Coinbase Premium remains negative, demand on other trading venues could be the main driver of the rally, they added.
CryptoQuant emphasized that the slightly negative reading was not by itself a direct bearish signal because the indicator remained only marginally below zero and was not at a critical level.
Separately, Grayscale head of research Zach Pandl previously said he believed bitcoin’s low near $58,000 in late June marked the bottom of the current bearish phase.
Source: Incrypted
