$BTC

Let's talk about the recent situation of Bitcoin, especially the demand performance of the US market. In recent days, many people are worried about the impact of the situation in the Middle East on the market. The price of Bitcoin has tested the support level of $60,000 many times, which has caused panic. However, the situation under the surface is not that simple.

Judging from the on-chain data, the demand for Bitcoin in the US market is still "strong", which is not nonsense. We can see the clues through the Coinbase premium indicator. Simply put, this premium index is a tool to measure the price difference between BTC/USD on Coinbase and BTC/USDT on Binance. If the price in the United States is higher than other places, it means that Americans are in great demand for Bitcoin.

There is also a "golden cross" story behind this. When the short-term moving average (such as 24 hours) crosses the long-term moving average (168 hours), there will often be a big move next. This happened once at the end of last month, when the price of Bitcoin broke through $66,000, but the price recently fell back to $61,000.

This premium index and the golden cross signal show that demand in the United States is still strong and may drive prices back up again.

Coupled with the fact that withdrawals have recently hit a new high since the FTX crash in 2022, it shows that people are constantly hoarding coins. Although the market has a short-term correction, it shows that American buyers are absorbing Bitcoin in large quantities.

Simply put, it is a brainless move close to the 60,000 support. I don’t know how many hours it has been, and it has risen by more than 1,000 points.

At this stage, it is also a point that can be reached without falling below 61,000.