Bitcoin Surges to $85,000 Amid Negative Coinbase Premium

The price of Bitcoin has risen to nearly $85,000, breaking above its one-year moving average at $80,061. According to CryptoQuant analysts, this could signal a new phase of market recovery, but it's not yet accompanied by consistent demand on Coinbase compared with Binance.

CryptoQuant notes that the current rally is driven mainly by demand from other venues, as evidenced by the negative Coinbase Premium indicator. The metric reflects the difference between Bitcoin's price on Coinbase and Binance, and a positive reading typically signals stronger demand on Coinbase.

The 2-year moving average at $88,761 is seen as the next key level to break through for sustained bull trend momentum. If Bitcoin can clear this resistance level, it could become a catalyst for more significant gains.