Bitcoin Breaks Through Consolidation Zone as US Demand Surges

Bitcoin's price has been stuck in a sideways trend for weeks, but it appears to have finally broken free. The cryptocurrency closed above $70,000 yesterday, marking a significant milestone and sparking a surge in US-based demand.

The Coinbase Premium Index, which measures the difference between BTC prices on Coinbase and Binance, has flipped positive. This indicates that US investors are now paying a premium for Bitcoin compared to international exchanges, suggesting stronger buying pressure from this cohort of coin holders.

Derivatives traders are also taking notice, with open interest in Bitcoin futures reaching a 30-day high. This suggests that new money is entering the market and betting on a price rally.