The Bitcoin Coinbase premium hit a peak recently, indicating significant accumulation. We explore the impact of this index and the technical aspects of a potential rise to $90,000.
Significance of Coinbase Premium
The Coinbase premium measures the price difference for BTC between Coinbase and Binance, where a higher premium indicates strong interest from US investors. Analyst Woonminkyu noted it might signal Bitcoin accumulation by large institutional investors.
Technical Analysis: Support for $90K
On the BTC daily chart, a bullish breakout above the 200-day EMA suggests increased chances of reaching higher levels. A successful break above the $85,000 resistance and turning it into support points towards a potential $90,000 retest.
Bitcoin's Prospects
Analysts like Michaël van de Poppe argue BTC has the potential to test $90,000 in the coming days. However, other experts warn of the risk of corrections below $73,000.
The rise in Coinbase premium signals increased Bitcoin accumulation, yet technical indicators suggest caution. BTC's outlook to $90,000 is possible, but correction risks linger.
