Bitcoin's price has surged past $73,000, driven primarily by demand from US investors. Crypto analyst Burak Kesmeci highlighted the Coinbase Premium Index as a key indicator, showing that increased US investor sentiment directly correlates with Bitcoin's upward movement.
The Coinbase Premium Index measures the price difference between Bitcoin on Coinbase (USD) and Binance (USDT). A positive index indicates US investors are willing to pay a premium, signaling strong demand.
Kesmeci's data shows that when the index turned positive recently, Bitcoin rallied from $66,000 to over $73,000. This trend has been consistent over the past two years, with Bitcoin experiencing significant gains when US investor demand is high.
As of this report, Bitcoin is trading around $73,330, with US investor sentiment identified as the locomotive for its current strong performance.