{"id":8524,"date":"2024-09-21T04:00:56","date_gmt":"2024-09-21T04:00:56","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=8524"},"modified":"2024-09-21T04:00:56","modified_gmt":"2024-09-21T04:00:56","slug":"bitcoin-demand-surge-binance-buyers-take-charge-as-coinbase-premium-falls","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=8524","title":{"rendered":"Bitcoin Demand Surge: Binance Buyers Take Charge As Coinbase Premium Falls"},"content":{"rendered":"

A recent analysis<\/a> from a CryptoQuant analyst, known by the pseudonym \u2018Avocado Onchain,\u2019 \u00a0has highlighted a notable development in the Bitcoin market.<\/p>\n

According to the analyst\u2019s observations, the Coinbase Premium, which tracks the price difference between Bitcoin on Coinbase and Binance, has turned negative.<\/p>\n

This indicates that the price of Bitcoin is lower on Coinbase compared to Binance, a signal that often points to a divergence in buying activity<\/a> across different markets.<\/p>\n

Buying Pressure Shifts To Global Markets<\/h2>\n

Despite the negative Coinbase Premium, the analyst noted that Bitcoin\u2019s price has increased. This suggests that while US-based traders on Coinbase may not be driving the price up<\/a>, there is significant buying pressure on Binance, a major exchange catering to global users.<\/p>\n

The analyst pointed out that the negative Coinbase Premium suggests buyers outside the US are more active, particularly on Binance, where the price is slightly higher.<\/p>\n

Negative Coinbase Premium Signals Strong Buying Pressure on Binance<\/p>\n

\u201cDuring the current upward trend, the fact that the Coinbase Premium is negative while #Bitcoin<\/a>\u2019s price isn\u2019t falling suggests that there is strong buying pressure occurring on Binance.\u201d \u2013 By @avocado_onchain<\/a>\u2026 pic.twitter.com\/ipZ09cA1JK<\/a><\/p>\n

\u2014 CryptoQuant.com (@cryptoquant_com) September 20, 2024<\/a><\/p>\n

This buying activity reflects a stronger demand for Bitcoin on international platforms. Adding to the analysis, Avocado noted that for Bitcoin to experience a more substantial price increase<\/a>, buying pressure would need to continue its expansion globally, driven by fear of missing out (FOMO) across multiple regions.<\/p>\n

According to the analyst, this shift in buying pressure toward Binance is seen as a \u201cpositive sign\u201d for Bitcoin\u2019s price trajectory.<\/p>\n

Bitcoin Performance So Far<\/h2>\n

Notably, Bitcoin\u2019s price performance has reflected the positivity from this buying pressure shift. The asset has seen\u00a0a significant increase in the past day, rising to above $64,000<\/a> in the early hours of Friday.<\/p>\n

However, Bitcoin has now seen a slight decrease from this 24-hour high to a trading price of $62,831, at the time of writing down by 0.7% in the past day.<\/p>\n

Notably, the increase in BTC price to over $64,000 also resulted in a brief spike in Bitcoin\u2019s market cap valuation, rising by $20 billion to roughly $1.260 trillion before now sitting at $1.242 trillion at the time of writing.<\/p>\n

According to analysts, Bitcoin major rally is fast approaching. A crypto YouTuber known as Crypto Rover\u00a0recently\u00a0pointed out<\/a>\u00a0on X that the Bitcoin\u00a0bull market usually<\/a>\u00a0starts 170 days after halving.<\/p>\n

Rover speculated that as the market currently stands 153 days after the halving, is it possible for history to repeat itself?<\/p>\n

Usually, the #Bitcoin<\/a> bull market starts 170 days after halving.<\/p>\n

The market top is 480 days after halving.<\/p>\n

Currently, we are 153 days after the $BTC<\/a> halving.<\/p>\n

Will history repeat? pic.twitter.com\/O4Ey0vQa39<\/a><\/p>\n

\u2014 Crypto Rover (@rovercrc) September 20, 2024<\/a><\/p>\n

Featured image created with DALL-E, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":"

A recent analysis from a CryptoQuant analyst, known by the pseudonym \u2018Avocado Onchain,\u2019 \u00a0has highlighted a notable development in the Bitcoin market. According to the analyst\u2019s observations, the Coinbase Premium, which tracks the price difference between Bitcoin on Coinbase and Binance, has turned negative. This indicates that the price of Bitcoin is lower on Coinbase […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-8524","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/8524"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8524"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/8524\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}