Bitcoin is gaining momentum ahead of President-elect Donald Trump’s inauguration. The Coinbase premium metric reflects growing U.S. interest.
Bitcoin Shows U.S. Buying Interest
Onchain data reveals increased U.S. investor activity in Bitcoin. Rumors of pro-crypto policies under Trump drive speculation. The Coinbase premium turned positive for the first time since January 6.
Coinbase Premium Signals Bullish Sentiment
The Coinbase premium compares Bitcoin’s price on Coinbase to Binance. Positive readings indicate higher U.S. investor demand. CryptoQuant’s Burak Kesmeci noted renewed buying interest as Bitcoin nears $100,000.
“The CPI signals a market dominated by buyers as Trump prepares to take office,” Kesmeci explained. Positive premium numbers highlight investor confidence.
Trump Inauguration Boosts Optimism
U.S. investors appear bullish as Trump’s inauguration nears. Daily and hourly CPI data confirms market dominance by buyers. Analysts speculate the inauguration could further boost Bitcoin’s trajectory.
Bitcoin Price Reclaims Six Figures
Bitcoin reached $102,000 ahead of Wall Street’s final trading session before inauguration day. BTCUSD rose 2%, hitting 10-day highs. Short liquidations totaled $60 million, signaling a squeeze on bearish positions.
Trader Daan Crypto Trades commented on Bitcoin’s Q1 performance. “Historically, Q1 has been good for BTC, especially in post-halving years like 2013, 2017, and 2021,” he said.
Conclusion
As Trump’s presidency begins, Bitcoin gains attention from U.S. investors. The Coinbase premium’s positive turn reflects optimism for crypto’s future under the new administration.
Disclaimer: This article does not provide investment advice. All trading decisions involve risk. Conduct thorough research before investing.
SOURCE: CoinTelegraph
