CryptoQuant analyst indicates strong buying pressure on Binance (BNB) as BTC price targets $64,000
The Coinbase Premium ratio is in the red zone, while the BTC price is surging again. This rare pattern can only indicate powerful buying pressure on Binance , the world's largest cryptocurrency exchange by trading volume, an analyst says.Today, Sept. 20, 2024, Coinbase Premium metrics dropped to multi-week lows.
The analyst highlights that the Bitcoin price might be due to a notable rally once the FOMO expands to various regions of the globe: In other words, during the current upward trend, the fact that the Coinbase Premium is negative while Bitcoin’s price isn’t falling suggests that there is strong buying pressure occurring on Binance.Overall, the situation looks"quite positive" for the researcher as Bitcoin is trying to protect the $63,500 level on major spot exchanges.
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