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Although the price of Bitcoin has been trading within a horizontal range for several months, it is now approaching the upper limit of that range, which opens the door to the possibility of an upward breakout in the coming period, supported by multiple positive signals.
The first sign was a rise in the “Coinbase Premium” indicator, which measures the difference between Coinbase and Binance purchase prices, with prices reaching their highest level in three weeks.
This metric indicates increased demand from institutional investors who favor Coinbase, reflecting an accumulation trend.
The data also showed an increase in net long positions, along with a significant increase in open interest, suggesting growing confidence in the upward trend.
Additionally, buying on other platforms such as OKX has also become active, adding to the momentum.
The third important signal is the decline in Bitcoin reserves within trading platforms, coupled with the return of whale buying activity, which is often interpreted as a trend towards long-term holding and reduced willingness to sell.
Despite these positives, the decisive factor remains outside the market, namely geopolitical developments in the Middle East.
The recently announced temporary truce has pushed prices from $68,000 to over $73,000, but any upgrade or permanent agreement could directly and quickly impact the upcoming trend.
Therefore, despite clear bullish indicators, Bitcoin’s short-term future remains largely tied to the course of political events.
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