Bitcoin has recently exhibited signs of recovery in demand from the U.S., marked by a positive shift in the Coinbase Premium Index. For the first time in several weeks, the index has moved into green territory, coinciding with Bitcoin’s climb above the crucial $90,000 threshold.
According to fresh data from CoinGlass, the premium indicated a positive reading on a one-hour timeframe, breaking away from the persistent negative trends that characterized much of November. A positive premium is significant as it reflects that Bitcoin is trading at a higher price on Coinbase compared to other global exchanges, suggesting a resurgence in buying interest among U.S. spot traders.
Throughout the latter part of October and most of November, prices on Coinbase lagged behind global averages, indicating that U.S. traders were in a net selling position. However, the recent data shows this pattern of discount pricing is starting to fade, with the premium jumping into positive territory.
Historically, such a shift in the premium is indicative of several key behaviors in the market, including U.S. retail investors re-entering after a correction, institutional accounts beginning to re-accumulate assets, and an increase in stablecoin-to-fiat conversions on regulated U.S. platforms. While the current positive premium is modest compared to previous cycles, it represents a significant directional change, signaling that U.S. demand may no longer be negative.
In terms of price movement, Bitcoin has rebounded from a recent low of around $84,000, now trading at approximately $91,138. This has resulted in a formation of a higher low on the daily timeframe, alongside the beginnings of a bullish MACD crossover and an increase in strength across daily price candles after a period of declines.
Market analysts are now monitoring key price levels for Bitcoin. The resistance range of $92,500 to $94,000 from late November is critical, along with the $90,000 mark which has now been reestablished as support. The sustained positivity of the Coinbase Premium is also under scrutiny; it will be telling whether it can maintain its positive status or if it will revert to negative territory.
Should the premium remain above zero while Bitcoin consolidates above the $90,000 level, it would bolster the argument for a more substantial recovery in the market. The recent changes in demand and pricing structure suggest that stability is returning, but the persistence of buying strength from U.S. traders will be crucial for confirming any ongoing recovery.
