Bitcoin hit a new all-time high yesterday, surging to $94,000 and solidifying buyers' control over the market. This milestone has sparked widespread speculation about the key factors driving the bull run, as Bitcoin continues to dominate headlines and attract investor enthusiasm.
Key insights from CryptoQuant CEO Ki Young Ju have shed light on the driving forces behind this historic rise. According to Ju, this bull run is driven by Coinbase investors, with US-based buyers playing a significant role. The increase in demand from these investors underscores the growing domestic interest in Bitcoin and highlights the significant influence of US market participants on the global cryptocurrency trend.
Adding to the excitement, market sentiment appears to be greatly influenced by the pro-cryptocurrency stance of incoming President Donald Trump. His support for digital assets has sparked optimism throughout the industry, potentially creating a favorable regulatory environment that could sustain Bitcoin's growth.
Demand for Bitcoin continues to drive the price
Demand for Bitcoin remains significantly strong, even as miners and long-term holders (LTH) take profits during this bull run. Despite selling pressure from these groups, BTC continues to rise, emphasizing strong market demand for this leading cryptocurrency. This strength indicates that buyers are easily absorbing the dispersed supply, propelling Bitcoin's price upward.
CEO of CryptoQuant, Ki Young Ju, recently shared insightful data about X, highlighting the driving forces behind this bull run. According to Ju, investors in the United States using Coinbase have played a crucial role in the price rise of Bitcoin. He referenced the BTC Hourly Coinbase Premium (Volume-Weighted, USDT/USD Adjusted), measuring the price difference of Bitcoin on Coinbase compared to other exchanges.
The premium is currently positive and increasing, indicating that US investors are willing to pay more for BTC compared to their international counterparts. This trend reflects strong demand from US market participants, potentially driven by improved market sentiment and optimistic regulatory expectations.
If this surge in US demand continues, Bitcoin's bull run could extend further in the coming weeks, potentially establishing new highs before any major corrections occur. However, like all parabolic trends, traders and analysts remain cautious, recognizing the potential for an eventual pullback. The focus remains on Bitcoin's strength, as buyers continue to outpace sellers, driving the market higher.
BTC sets a new high (again)
Bitcoin (BTC) is trading at $93,300, after surpassing the all-time high (ATH) of $93,483 recently. Although this move marks a new milestone for BTC, the price has entered a sideways range within a defined uptrend, indicating that demand continues to outweigh supply. However, the breakout above ATH lacks significant momentum, resembling a minor spring rather than a decisive bull run. This suggests that buyers may be starting to lose steam.
Nonetheless, the ability of BTC to maintain above $89,800 in the coming hours will be crucial. Holding this important support level could pave the way for a surge to $95,000, in line with the overall market expectations for continued bullish momentum. Such a move could likely reinforce investor confidence, potentially driving further buying interest as Bitcoin approaches the psychological level of $100,000.
On the other hand, a drop below $89,800 would change the short-term dynamics. This scenario could lead to a pullback to a lower demand zone around $85,000, where buyers might regroup to push the price higher. As BTC consolidates near ATH, the market is awaiting a decisive move to determine whether the buyers still hold control or if a temporary correction is ahead.
