Originally published on: November 28, 2024
Bitcoin’s recent bounce back from the local low of $90,742 to $95,000 has sparked optimism in the cryptocurrency market. The total market valuation has surged by 7.3% to reach $3.32 trillion between Nov. 26 and 28.
Investors are now speculating whether Bitcoin has found support at $90,000 and is on track to hit $100,000. The drop from the all-time high of $99,655 to the weekly low may have been influenced by reduced demand from the United States, as indicated by the Coinbase Premium Index.
The Coinbase Premium Index, measuring the pricing difference between Coinbase and Binance, has rebounded, indicating growing demand from US retail investors. This surge in demand aligns with the positive inflows for US-based spot Bitcoin exchange-traded funds, with a significant daily net inflow recorded on Nov. 26.
Moreover, institutional investors are showing increased interest in digital assets, with Bitcoin investment products witnessing substantial inflows. The decreasing BTC balances on exchanges also suggest a potential decline in supply available for selling.
These signs point to a bullish outlook for Bitcoin’s price, backed by renewed investor interest and positive catalysts in the market. Stay informed about the latest market trends and investment opportunities to make informed decisions.
Disclaimer: This article does not provide investment advice. Conduct your research and consult with financial advisors before making any investment decisions. Don’t miss out on essential market insights – subscribe to the Markets Outlook newsletter for exclusive updates every Monday. By subscribing, you agree to our Terms of Services and Privacy Policy.
