Bitcoin Coinbase Premium Returns — Could BTC Price Reach $90K Soon?
The Bitcoin (BTC) Coinbase premium index recently surged to its highest level since February 20, following a 5% price rally on March 19. This increase signals strong buying pressure from U.S. investors, potentially indicating institutional accumulation.
Coinbase Premium Highlights Institutional Accumulation
The Coinbase premium index measures the price difference between Coinbase and Binance BTC pairs. A higher premium typically reflects increased buying interest from U.S. retail and institutional investors.
CryptoQuant analyst Woonminkyu noted that the 30-day exponential moving average (EMA) of the Coinbase premium crossed above the 100-day EMA, suggesting significant accumulation by large investors. Historically, such movements have preceded sustained Bitcoin bull markets.
Can Bitcoin Reach $90K in March?
Bitcoin recently reclaimed the critical 200-day EMA, a bullish indicator suggesting potential for further upward momentum. After successfully breaking above the $85,000 resistance level, BTC is now positioned to test the $90,000 mark.
Technical indicators also support bullish sentiment:
- BTC price bounced from the lower Bollinger Bands range.
- The Bollinger Bands’ moving average remains above $90,000.
Analysts Remain Cautiously Optimistic
Market analysts have mixed views on Bitcoin’s immediate trajectory:
- Michael Van de Poppe expects BTC to retest $90,000 soon.
- Max from BecauseBitcoin believes BTC needs to overcome resistance between $88,000 and $90,000 before confirming a bullish breakout.
- Koroush AK advises caution, highlighting the risk of a correction below $73,000 if BTC fails to break current resistance levels.
Quick Summary
- Coinbase premium index signals strong U.S. institutional accumulation.
- BTC reclaimed key technical levels, increasing bullish sentiment.
- Analysts see potential for $90,000 retest but advise caution due to resistance.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
