Bitcoin Surges to New Record Over $93K as Strong U.S. Demand Crushes Resistance Level
Bitcoin surpassed the $90,000 resistance level, reaching over $93,000 during U.S. market hours on Wednesday. This increase was driven by strong demand from U.S. investors, as indicated by the Coinbase Premium Index rising to 0.2, its highest since April. The index reflects the price difference between Coinbase and Binance, highlighting significant U.S. buying pressure. U.S.-listed spot bitcoin ETFs, particularly BlackRock's iShares Bitcoin Trust ETF, experienced high trading volumes, with $1.2 billion traded in the first hour. Bitcoin's price later adjusted to $92,200, marking a 7% increase in 24 hours. Ethereum and Solana also saw gains of 1.6% and 2.7%, respectively. The spot cumulative volume delta indicates strong buying activity, suggesting the rally is sustainable and not driven by futures trading.
