Is Bitcoin Price Rebounding? $84K Support and Coinbase Premium Spark Optimism

19h ago•

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According to sources, the Bitcoin price has recently risen to $86,000, but has since fallen slightly to $84,650. Experts are closely watching the market to see whether this price drop is just temporary or whether BTC is going to face a longer period of ups and downs. They are trying to know whether Bitcoin will continue to recover or will still be unpredictable.

CryptoQuant’s Avocado Onchain mentioned in a recent post that Bitcoin’s price is mostly influenced by the different trends in the US and Asian markets, especially Korean. These regional demands could give us hints about Bitcoin’s price.

US-Asia Market Trends

As there are rising trade tensions between the US and China, even if there is market uncertainty, the Bitcoin price has remained strong and is staying above the key price level. After it had a big drop of 30% this year, analysts are closely watching to see if this steady phase will lead to a more stable recovery.

Bitcoin Price

Avocado Onchain is closely watching the Coinbase Premium, as it helps to track the price difference of Bitcoin on Coinbase in comparison with other exchanges. Avocado has seen a pattern of smaller price swings on Coinbase since March 2024. This shows active behaviour of investors from United States. This came along a way of buying more BTC which caused Bitcoin price surge.

Avocado pointed out that narrowing Coinbase Premium, which forms a triangle with higher lows and lower highs, usually signals that Bitcoin price might increase. This might mean that the positive trend is starting, which could soon push Bitcoin’s price higher. Avocado also said that, in the past, the same pattern has caused Bitcoin’s price to rise.

Whereas the Korea Premium Index, which is used to track the price difference between Korean exchanges and global averages, has become weaker. Even though it started to rise after the recent Bitcoin rally, it has remained much lower throughout 2024.

This points out that Korean retail investors have been much slower to get back into the market. This difference between the US market and the Asian market shows that Bitcoin Recovery is mostly led by the US market, and Asian markets are lagging..

Key Indicators Highlighting Recovery Potential

Even though Bitcoin price has dropped temporarily, Avocado is still positive about the future of Bitcoin. He points out that strong support around the level of $84,000 is a good sign for the market. The current stability around this price range can be a solid base for potential long-term recovery.

Bitcoin Price

Avocado said that, even if there are economic challenges, Bitcoin price is staying above $84,000; this shows that there is strong demand, especially in the US market. This type of price movement usually leads to a stronger recovery, even if the market.

Conclusion

Though there are some market challenges, Bitcoin price is showing signs of recovery, as there is strong demand from investors in US market ,while asian market is running behind . Even though there are some price drop, Coinbase is suggesting tbat Bitcoin might grow in future.