Bitcoin Surpasses $66,000 as Coinbase Premium Signals Retail Demand

On September 26, the Coinbase premium reached a two-week high, indicating bullish sentiment. This was noted by CryptoQuant’s Head of Research, Julio Moreno. 

Higher demand in the US made Bitcoin rallied today towards $65K.

The Coinbase premium increased to the highest level in two weeks. pic.twitter.com/YhJItIGNvY

— Julio Moreno (@jjcmoreno) September 27, 2024

This metric is often used as an index of retail investor demand from the US — the higher the value, the greater the buying pressure. 

Moreover, the rise in the Coinbase premium coincided with daily inflows into spot Bitcoin ETFs, indicating interest from institutional investors. 

Meanwhile, Bitcoin surpassed the $66,000 mark. The asset recovered from a daily decline and moved into positive territory. 

Following Bitcoin, other top-10 assets by market capitalization also entered the “green zone.” Ethereum rose to $2680, gaining 2.5% in a day. 

The largest growth was demonstrated by DOGE — nearly 10%. 

Simultaneously, the delta of the aggregate spot volume of the first cryptocurrency across all exchanges also reached a new monthly high. Purchases dominate the chart.

This could be another sign of the return of retail investors.

Earlier, ForkLog reported that Bitcoin is set to close one of the best Septembers in history. In less than a month, the asset has risen by more than 10%. 

According to analyst PlanB’s scenario, digital gold could rise to $70,000 in October, with the price potentially reaching $150,000 by the end of the year.