While Bitcoin rose above $ 53,000 yesterday, it then experienced a correction.
While BTC has continued its volatile movements in recent days, a positive Bitcoin report came from the CryptoQuant analyst.
CryptoQuant analyst, who examined the BTC Coinbase Premium Index and the Korean Premium Index, said that the Coinbase Premium Index is positive and the Korean Premium Index is at 3.53%.
At this point, the analyst stated that the Coinbase Premium Index is positive for Bitcoin and this shows that the market sentiment of US investors is still good, and said that there is no overheating in the Korean Premium Index.
The analyst stated that the Korean Premium Index level shows that BTC is ready for a horizontal or upward movement and made the following statements:
“The Coinbase Premium Index is positive, indicating that market sentiment among US investors remains good.
The Korean Premium Index, which typically identifies short-term overheating, is also currently at 3.53%, down from 1.5% last week, but not at overheating levels.
As a result, the positive Coinbase Premium Index indicates that US investor sentiment is good, and the lack of overheating in the Korean Premium Index indicates that BTC is poised for a sideways move or further upside.
At this point, altcoins are likely to continue rising until the Korea Premium Index overheats by more than 5%. “
BTC Coinbase Premium Index Positive, Korea Premium Index at 3.53%
“Lack of overheating in the Korea Premium Index suggests that $BTC is poised for sideways movement or further upside” – By @MAC_D46035
Link 👇https://t.co/J2pbqjyEa5 pic.twitter.com/SVu7PAZXfH
— CryptoQuant.com (@cryptoquant_com) February 20, 2024
*This is not investment advice.
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Source: https://en.bitcoinsistemi.com/what-about-coinbase-and-korean-premium-in-bitcoin-cryptoquant-analysts-commented-and-explained-its-effect-on-btc-price/