Well, look who’s finally getting its act together! Yesterday, Bitcoin (BTC) decided it was time to break above $110,000, hitting a shiny new all-time high (ATH) of $111,999. But, of course, it wasn’t just because Bitcoin felt like being generous. No, this little jump was more about a late rally in the Coinbase Premium Gap, showing that US investors were once again ready to take the plunge into the spot market.
Bitcoin Breakout Supported By Coinbase Premium Recovery
According to the insightful and ever-so-dramatic CryptoQuant Quicktake post by the one and only Enigma Trader, the Coinbase Premium Gap made a jump from 6.9 on July 7 to a respectable 48.8 by July 10. While this does point to some renewed interest from the US, let’s not get too excited – this still doesn’t come close to the June high of over 80. But hey, it’s a start, right?
For those of you wondering what in the world a Coinbase Premium Gap even is – well, let’s break it down. This gap is basically the difference in Bitcoin’s price on Coinbase (USD pair) and Binance (USDT pair), a handy little tool to gauge how much the US spot market is really diving into Bitcoin. A positive premium means US investors are eagerly buying up Bitcoin, while a negative premium…well, that’s a red flag for weaker domestic interest.
Enigma Trader made sure to remind us that Bitcoin’s recent breakout wasn’t just some cheap trick pulled off by derivatives. No, no, the growing Coinbase Premium indicates that US investors are, in fact, doing their part in pushing the price up. However, don’t get too comfortable just yet. The premium failing to reach June’s levels suggests some of the big players are sitting this one out. And let’s be honest – who could blame them? They’re probably waiting for the next big opportunity to buy in.
BTC To Benefit From Fresh Liquidity?
On the other hand, another CryptoQuant contributor, SunflowrQuant (we’re not sure if that’s a name or a plant), thinks that Bitcoin might still be in line to catch some fresh liquidity. They pointed to two key metrics – the Stablecoin Supply Ratio (SSR) and the Moving Average Convergence Divergence (MACD). Sounds like a mouthful, right? But trust us, it’s important.
For the newbies out there, SSR basically tells us how much “dry powder” (aka capital) is just sitting around, waiting to buy Bitcoin. When SSR is high, it means less buying power. When it’s low – well, it’s like a treasure chest waiting to be opened. Recently, the SSR surged to 18 – its highest in two years. But hold on, it gets juicier: the MACD also crossed above its signal line, which could signal that more market inflows are on the way. Let’s see if the fuel can keep this rally going, shall we?
“While price is carving new highs, this ‘new fuel’ signal is promising; still, unless we see expanding volume and SSR cooling back toward the 16–15 zone, the $113,000-$115,000 area looks attractive for profit-taking, whereas a weekly close below $99,000 should be treated as a stop-loss trigger.”
Bitcoin might just be heading toward $144,000. But don’t start dreaming too big, because if the US Federal Reserve decides to keep interest rates high, this rally could hit a wall faster than you can say “financial policy.”
At press time, BTC is trading at $111,680 – a modest 2.1% up in the last 24 hours. Fingers crossed it doesn’t take a nosedive anytime soon. 🧐
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2025-07-11 10:29