Bitcoin is catching a US bid in the run-up to the inauguration of US President-elect Donald Trump.
The latest data from onchain analytics platform CryptoQuant confirms a rebound in the key Coinbase premium metric.
US “showing renewed buying interest” in Bitcoin
Bitcoin (BTC) is seeing US interest return to the market just days before the incoming Trump administration takes power.
Rumors over pro-crypto policies continue to multiply and include day-one announcements that could set the tone for the next phase of the Bitcoin and altcoin bull market.
This is now being reflected in onchain data, with the Coinbase premium entering positive territory for the first time since Jan. 6.
The premium essentially measures US sentiment by comparing the difference between Coinbase’s BTC/USD pair and Binance’s BTC/USDT equivalent.
“As Bitcoin edges closer to the $100,000 milestone, U.S. investors are showing renewed buying interest,” CryptoQuant contributor Burak Kesmeci wrote in one of its Quicktake blog posts.
“The CPI (Coinbase Premium Index) signals a market dominated by buyers as Trump prepares to take office.”
Bitcoin Coinbase Premium Index (CPI). Source: CryptoQuant
A positive premium reflects the willingness to increase BTC exposure among US investors, with negative numbers implying the opposite.
CryptoQuant data shows that since BTC/USD hit $108,000 all-time highs, the premium has spent most of its time in the red. The inauguration, Kesmeci suggests, could upend the status quo.
“With only a few days left until Trump’s inauguration, U.S. investors are clearly taking a bullish stance. CPI data confirms that, on both daily and hourly timeframes, U.S. investors are reclaiming dominance in the market,” he concluded.
“The big question remains: how will this momentum influence Bitcoin’s trajectory under Trump’s presidency?”
BTC price tags key $102,000 level
BTC price action meanwhile returned to $102,000 ahead of the Jan. 17 Wall Street open, the final US trading session before inauguration day.
Related: Bitcoin risks weeks of sideways moves amid $102K ‘rejection’ warning
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD up 2% on the day, reaching 10-day highs.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
Short liquidations accompanied the move as late bears felt the sting from Bitcoin’s return to six-figure territory.
Data from monitoring resource CoinGlass put 24-hour BTC short liquidations at the time of writing at $60 million.
BTC liquidations (screenshot). Source: CoinGlass
“The start of the year has been choppy, but with BTC being back in the green, the year is back in line with most of its recent years,” trader Daan Crypto Trades wrote in part of his latest commentary on X.
Daan Crypto Trades cited CoinGlass data showing quarterly BTC/USD performance through the years.
“Generally Q1 has been good for BTC, especially in the post-halving years (2013, 2017 & 2021),” he added.
“Let's see if that continues.”
BTC/USD quarterly returns (screenshot). Source: CoinGlass
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.