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Breaking News: Tether 🌱Announces Strategic 𒉰Partnership To Combat Stablecoin Misuse
bitcoin

Bitcoin Sees Coinbase Premium Recovery, But Strength Still Below June Peak – What It Means For BTC?

Ash Tiwari
by Ash Tiwari
1 day ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Yesterday, Bitcoin (BTC) finally broke above $110,000, hitting a fresh all-time high (ATH) of $111,999. Exchange data indicates that this latest surge was supported by a late reboꦯund in 𓂃the Coinbase Premium Gap, signalling a resurgence in spot demand from US investors.

Bitcoin Breakout Supported By Coinbase Premium Recovery

According to a recent CryptoQuant Quicktake post by contributor Enigma Trader, the Coinbase Premium Gap jumped from approximately 6.9 on July 7 to 48.8 by July 10. While this indicates r♛enewed spot buying interest in the US, it still falls short of the June peak, when the metric exceeded 80.

cq1
Source:

To explain, the Coinbase Premium Gap measures the difference in Bitcoin’s price between Coinbase (USD pair) and Binance (USDT pair), helping gauge US spot market demand. A positive premium suggests strong buying pressure from US investors, while a negative premium may indicate weaker domestic interest or stronger overseas demand.

Related Reading: Bitcoin Primed for Parabolic Growth? Analysts H༺ighlight Key Bullish Signs

Enigma Trader emphasized that Bitcoin’s recent breakout wasn’t solely driven by♕ derivatives. Instead, the growing Coinbase Premium suggests meaningful spot buying activity from US inve♉stors.

However, the premium’s failure to match its June high implies that some large investors remain hesitant to chase the current rally – casting doubt on whether the bullish momentum can be sustained without stronger follow-through.

BTC To Benefit From Fresh Liquidity?

In another CryptoQuant Quicktake post, contributor SunflowrQuant suggested that Bitcoin could benefit from fresh liquidity entering the market. The analyst pointed to two key metrics – the Stablecoin Supply Ratio (SSR) and the Moving Average Convergence Divergence (MACD).

Related Reading: Bitco💎in Successfully Retests Bullish Megaphone Pattern – Is A Breakout Im൩minent?

For the unini🥃tiated, the SSR r🤡eflects the amount of “dry powder” available to purchase BTC. It is calculated by dividing Bitcoin’s market cap by the total supply of stablecoins. A higher SSR suggests reduced buying power, while a lower SSR indicates an abundance of capital waiting to be deployed.

Recently, the SSR has surged to 18 – its highest level in two years. Meanwhile, the MACD has also crossed above its signal line, a move that often precedes renewed market inflows and rally potential. SunflowrQuant added:

While price is carving new highs, this “new fuel” signal is promising; still, unless we see expanding volume and SSR cooling back toward the 16–15 zone, the $113,000-$115,000 area looks attractive for profit-taking, whe♍reas a weekly close below $99,000 shoul꧑d be treated as a stop-loss trigger.

cq2
Source:

From a technical standpoint, conditions remain favorable. Analyst Merlijn The Trader recently noted that BTC has broken out of a bullish descending broadening wedge pattern and may now be targeting as high ไas $144,000.

However, macroeconomic risks remain. For instance, if the US Federal Reserve chooses not to cut interest rates, Bitcoin’s rally could stall. At press time, BTC trades at $111♕,680, up 2.1% in the pa💯st 24 hours.

bitcoin
Bitcoin trades at $111,680 on the daily chart | Source:
Featured Image from Unsplash.com, charts from CryptoQuant and TradingView.com
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.
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