Bitcoin price hit a new all-time high of $76,825 on Thursday, November 7, and continued to consolidate above the $76,000 level on Friday.
On-chain data trends show unusually high demand for BTC among US-based traders on Coinbase over the past two weeks. With the US Fed ’s 25-basis-point rate cut further fuelling bullish momentum, is BTC price poised for a major breakout above $80,000? Bulls eye more gains after Fed rate cut as BTC Holds $76K Bitcoin price has been on the uptrend over the past week, initially fuelled by Donald Trump’s victory at the November 5 polls.
Hence, during periods of intense buying pressure among US investors, the CP index swings into positive values as Bitcoin prices rise on Coinbase marginally, above prices quoted on Binance, and vice versa. Bitcoin price vs. Coinbase Premium Index | Source: CryptoQuant The chart above shows that the Bitcoin Coinbase Premium Index has consistently trended upward in the last 14 days. The CP Index rose from -0.02 on October 25 to hit a 220-day peak of 0. 09 on November 7.
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