TLDR
- Coinbase Premium flips positive after weeks, showing stronger U.S. Bitcoin demand.
- Bitcoin trades above $91K, with key resistance near the $93K zone.
- BTC formed a higher low after rebounding from a seven-month low of $82K.
- Market eyes a breakout to $100K if price sustains above $93K level.
Coinbase Premium Index Turns Positive After Prolonged Decline
The Coinbase Premium Index, which compares Bitcoin prices on Coinbase and Binance, has turned positive for the first time in several weeks. This change means Bitcoin is trading at a higher price on Coinbase than on Binance, a pattern often linked to stronger demand from U.S.-based traders and institutions.
Crypto analyst IT Tech reported the shift through a post on X, noting that the premium rose above zero while Bitcoin hovered near $90,000. The index had remained in negative territory throughout most of November, indicating lower buying pressure from U.S. markets during that time.
Market analyst Valentin Kosanovic stated, “Coinbase often leads price movement when institutional flows resume.” He added that the last two occasions when the index moved from deep negative to positive saw Bitcoin gain between 30% and 50% in the following weeks.
Bitcoin Price Rebounds From $82K Low and Retests $91K
Bitcoin’s price has recovered steadily since falling near $82,000 earlier in November, its lowest level in over seven months. It is currently trading around $91,400, showing renewed strength and forming a higher low on the daily chart.
Chart data from TradingView shows a bullish MACD crossover developing, signaling a possible continuation of the uptrend. The $90,000 level is acting as a key support zone. Traders continue to monitor whether bulls can maintain momentum above this level.
If Bitcoin pushes above $93,000, analysts believe it could open the way toward the $95,000 and $100,000 levels. However, if selling pressure resumes and BTC falls below $90,000 again, there may be additional corrections.
Demand Recovery Signals Institutional Interest Returning
Data from CoinGlass shows the Coinbase Premium flipping green on the 1-hour timeframe. This change suggests that U.S.-based institutional and retail buyers may be re-entering the market following a period of selling and caution.
Throughout late October and November, Bitcoin prices on Coinbase lagged behind global averages, reflecting weak domestic demand. Analysts note that premium recovery usually appears when large institutional trading desks and ETF flows begin to increase.
Kosanovic emphasized the premium change “can be driven by off-exchange activity,” where larger U.S. players use regulated platforms like Coinbase for execution. Historical data indicates that a positive premium often correlates with bullish momentum in the following weeks.
Focus Shifts to Resistance at $93K as BTC Builds Momentum
Analysts are watching closely to see if Bitcoin can hold its gains and break through the key resistance at $93,000. On the 4-hour chart, a declining wedge has formed, showing pressure against the current price level. A strong breakout above this zone may confirm a reversal and set the stage for further growth.
Bitcoin’s recent trend suggests that if current support levels remain intact, a path toward $100,000 remains possible. However, traders remain cautious. The MACD indicator has not confirmed a strong uptrend, and a drop below $90,000 could challenge bullish expectations.
Meanwhile, Ether trades above $3,000, and XRP is gaining ahead of the 21Shares U.S. spot ETF launch under the ticker TOXR, showing wider recovery signs in the crypto market.
