The Coinbase Premium Index crossed above its 14-day simple moving average (SMA14) for the first time in 26 days at 03:04 on January 3. This could indicate a resurgence of US buyers’ dominance in the market.
A similar situation occurred on November 1, 2024, when the index also crossed above the SMA14. This then led to the Bitcoin price rising from $69,000 to a new all-time high of $108,000.
As long as the Coinbase Premium Index remains above the SMA14, we can expect further positive impact on the Bitcoin price, indicating a possible strengthening influence of US buyers.