Bitcoin buyer interest in the United States recently surged to a 39-day high following hints from the U.S. Federal Reserve that interest rate cuts were on the horizon.
Bitcoin Buyer Interest Surge
According to CryptoQuant's Julio Moreno, this uptick in demand was linked to the Fed's signals that the cycle of lower interest rates would soon begin.
Coinbase Premium Index
On Aug. 23, the Coinbase Premium Index, which tracks the price gap between Bitcoin on Coinbase Pro and Binance, spiked to its highest level since mid-July, reaching 0.0114. This index is often used to gauge U.S. investor demand relative to the global market.
Prediction of Significant Price Breakout
Crypto trader and analyst Ali Martinez pointed out that Bitcoin's bull-bear market indicator had been fluctuating between bearish and bullish zones since early August. According to Martinez, the sentiment has now shifted back to bullish, signaling a potential major Bitcoin price breakout.
Historically, such shifts in the indicator have preceded significant Bitcoin bull runs, suggesting a strong likelihood of another rally on the horizon.
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