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Bitcoin (BTC), the leading cryptocurrency, is working to test the significant threshold of $60,000 after experiencing a notable drop a few days ago. This surge in price can largely be attributed to increased activity among U.S. investors, as indicated by recent trends.
### U.S. Bitcoin Investors Show Increased Buying Activity
After spending two weeks in negative territory, the Coinbase Premium—a vital gauge of the purchasing behavior of U.S. Bitcoin investors—is showing signs of recovery. During the recent downturn, the indicator fell to -0.15%, as reported by on-chain analyst @IT_Tech_PL from the CryptoQuant community. Today, the metric has rebounded to 0.1%, suggesting that the price of Bitcoin on Coinbase Pro is currently 1% higher than BTC/USDT rates on major exchanges.
This rise in the Coinbase Premium could signal growing interest among U.S. investors looking to buy Bitcoin at current prices. For reference, when Bitcoin first hit a local peak above $70,000, the Coinbase Premium reached as high as 0.4%. However, by mid-January 2022, this indicator had fallen to -0.4%.
The recent price increase for Bitcoin has resulted in $213 million worth of liquidations in the crypto market, with nearly half of this amount stemming from short positions. In fact, for Bitcoin itself, bears faced a particularly tough market, with 61% of liquidated positions being shorts in XBT/USD pairs.
### Is the Worst Over for Bitcoin?
As the markets recover from recent declines, trader optimism appears to be strengthening. Previously, a seasoned on-chain analyst highlighted ten reasons for a bullish outlook at this time. Key factors include the significance of Bitcoin in the context of the U.S. presidential race, the waning activity of the largest and most aggressive sellers, and the lack of risky centralized finance (CeFi) services.
This sentiment was echoed by Raoul Pal, the CEO of Real Vision, who noted last weekend that he remains committed to his positions without selling. He interpreted the recent price drop below $50,000 as merely a “shakeout.”
