Bitcoin (BTC) Price Prediction: BTC Could Be on the Verge of a Short-Term Recovery, According to New Analysis From CryptoQuant

As of October 3rd, Bitcoin’s price had tested the $60,000 support level multiple times, causing some jitters. But behind the scenes, demand in the United States is strong

Cryptocurrency analysis platform CryptoQuant has reported that Bitcoin (BTC) could be poised for a short-term recovery.

Multiple tests of the $60,000 support level have sparked concerns, but strong demand in the United States is evident in the Coinbase (COIN) premium metric.

When the daily moving average of the Coinbase premium crosses above the weekly moving average, a “golden cross” is formed, which has historically signaled significant upward price movements.

According to contributor Yonsei_dent, the last time this occurred, Bitcoin went on to cross $66,000. Despite a recent dip, the appetite for Bitcoin in the U.S. remains high.

As reported by Cointelegraph, U.S.-based investors are still showing strong demand, keeping the Coinbase premium positive over Binance. Another CryptoQuant analyst, Axel Adler Jr., points out that the inflow of Bitcoin into Coinbase is still in the “green zone,” which signals optimism for Bitcoin's price outlook.

The price of BTC at the time of writing is $61,369.91.

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