Bitcoin’s Coinbase Premium has turned positive for the first time since May as BTC attempts to hold above $80,000.
BTC$79,296.00-1.01%COINBitcoin is trading at a premium on Coinbase for the first time since May, signaling renewed buying pressure on the U.S.-based exchange as BTC attempts to establish a foothold above $80,000.
The Coinbase Premium indicator turned positive on Friday, according to CoinGlass data, marking a notable shift after months of negative readings.
The Coinbase Premium measures the price difference between Bitcoin on Coinbase and Binance. When the indicator turns positive, it suggests that buying demand on Coinbase is relatively stronger than on Binance.
The latest shift comes after Bitcoin climbed from roughly $63,000 to above $80,000. Renewed inflows into U.S. spot Bitcoin ETFs have also accompanied the recovery.
Related: Bitcoin Slips Below $80,000 as Solana Leads Crypto Market Higher Ahead of Warsh’s Jackson Hole Speech
A positive Coinbase Premium does not guarantee another Bitcoin rally, but sustained strength in the indicator has historically accompanied periods of stronger market demand.
The next major test is around $81,000, where Bitcoin's 50-week simple moving average currently sits. A decisive move above that level could strengthen the bullish case and give BTC a clearer path higher.
For now, the return of a Coinbase premium is an encouraging sign that U.S. demand is strengthening. The bigger question is whether that demand can remain strong enough to push Bitcoin firmly beyond its next technical resistance.
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