Bitcoin, Ethereum, Dogecoin Surge Amid Heightened US Demand For Bitcoin: Analyst Highlights ‘Sell Signal’ On BTC Daily Chart
Major cryptocurrencies continued to surge on Thursday evening, propelled mainly by the strong demand from U.S. investors for the largest cryptocurrency BTC.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin BTC/USD | +0.15% | $52,073 |
| Ethereum ETH/USD | +1.62% | $2,842 |
| Dogecoin DOGE/USD | +0.78% | $0.086 |
What Happened: BTC has been trading at its highest premium in 9 months on the U.S.-based crypto exchange Coinbase.
The “Coinbase Premium Index,” which gauges the price variance for Bitcoin on Coinbase versus Binance surged to 0.12 on Thursday. This marks its peak reading since May 2023, as revealed by data from analytics firm CryptoQuant.
“High premium values could indicate US investors’ strong buying pressure in Coinbase,” CryptoQuant said.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Arweave AR/USD | +21.76% | $12.01 |
| VeChain VET/USD | +19.98% | $0.044 |
| Bitget BGB/USD | +18.90% | $0.86 |
The global cryptocurrency market cap now stands at $1.94 trillion, showing a 3.61% increase in the past 24 hours.
In Wednesday’s trading session, stocks made a recovery as Wall Street regained some of the significant losses from the previous day. The S&P 500 showed an advancement of 0.96% to reach a closing figure of 5,000.62, while the Nasdaq Composite exhibited a strong climb of 1.3% to settle at 15,859.15. Additionally, the Dow Jones Industrial Average added 151.52 points, representing a 0.4% increase, and closed at 38,424.27.
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Analyst Notes: Cryptocurrency analyst Michael Van de Poppe offered a tip for people feeling the rush to enter Bitcoin or the markets,
“Don’t. Just don’t listen to the emotions. It’s a recipe for disaster. How should you enter? There will be 20-30% corrections. Always. No matter the narrative. Use those as an opportunity.”
Pseudonymous crypto trader Rekt Capital said, “With BTC rallying this much to the upside, many will doubt whether BTC will ever perform a pullback. But when a pullback occurs, many will doubt whether BTC will ever perform another rally”
According to Gart van Lagen, historical patterns indicate that all previous blow-off waves of $BTC have sharply reached the blue trendline in a parabolic manner.
“Currently, the price is in blow-off wave 4-5. It bounced strongly off the 210,000 blocks SMA (blue dashed) and targets $200k at the blue trendline before the halving.”
On-chain analyst Ali Martinez issued a warning for BTC.
“The TD Sequential presents a sell signal on Bitcoin daily chart, anticipating a one to four daily candlesticks correction. Note that the buy and sell signals this indicator has shows since December 2023 have all been validated.”
The TD Sequential is a technical analysis indicator used to identify potential price exhaustion and reversal points.
Photo by CMP_NZ on Shutterstock
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