Coinbase Premium Hints at Short-Term BTC Price Spike

Coinbase Premium, i.e., the difference between the price of Bitcoin (BTC) in the BTC/USD pair on Coinbase and the BTC/USDT pair on Binance, demonstrates a "golden cross" pattern. This formation looks optimistic for Bitcoiners as U.S. retail purchasers still have the power to protect BTC from further plunging.

U.S. Bitcoiners pushing price higher, indicator says

Coinbase Premium, a critical indicator of U.S. investor interest in the largest cryptocurrency, is forming a "Golden Cross" on the one-hour pattern. Typically, this metric moves to "positive" before Bitcoin's (BTC) price demonstrates short-term growth.

Such estimations were shared by a pseudonymous crypto analyst who goes by @Yonsei_dent, a verified member of the CryptoQuant community. The on-chain analytical firm mentioned this forecast in its QuickTake section today.

The analyst tracked 24-hour (daily) and 168-hour (weekly) moving averages: the "golden cross" formation is confirmed when the first one crosses the second one from behind.

Right now, the index has once again temporarily broken above the weekly moving average, and the gap between the daily and weekly averages is steadily narrowing, which looks positive to the researcher:

Looking at past Bitcoin price movements alongside this indicator, we can see that the price often experiences short-term increases when a golden cross is formed.

As such, the continued rise in demand from U.S.-based investors suggests renewed upward pressure, which makes the analyst enthusiastic about the short-term future of BTC.

Crypto sentiment remains in "Fear" zone

However, per CoinGlass data, Bitcoin's RSI on different time frames varies between 42 and 54, which suggests that bears might not be done selling yet.

The Cryptocurrency Fear and Greed Index is back to the Fear zone: today it is sitting at 41/100, up four points in the last 24 hours. The combination of these indicators says the largest crypto might be at a crossroads right now.

Today, Bitcoin (BTC) bulls managed to protect the crucial $60,000 level; bears yet again were brutally rejected. 

The orange coin is changing hands at $61,326.63, up 0.8% overnight.