**Coinbase Premium Index Analysis Indicates Potential Bitcoin Price Recovery**

We conducted an in-depth analysis of the Coinbase Premium Index on a 1-hour time frame to assess short-term momentum, utilizing both the 24-hour (daily) and 168-hour (weekly) moving averages for comprehensive context. Historically, significant price movements have been observed shortly after the daily moving average forms a golden cross by crossing above the weekly moving average with strong momentum.

Currently, the index has temporarily broken above the weekly moving average, and the gap between the daily and weekly averages is narrowing. Past Bitcoin price movements indicate that prices often experience short-term increases when a golden cross is formed.

For instance, despite a price correction from $66k to approximately $61k around October 1st, the continued rise in demand from US-based investors, as reflected by the Coinbase Premium, suggests renewed upward pressure. This consistent demand could signal a potential short-term recovery in Bitcoin’s price.