Strong Bitcoin Buying on Coinbase Occurring While BTC Trades at $40,817

Strong Bitcoin Buying on Coinbase Occurring While BTC Trades at $40,817

Data provided by on-chain analytics vendor CryptoQuant shows that investors are buying as much of Bitcoin as they can on the Coinbase exchange.

Meanwhile, Bitcoin recaptured the $40,000 level on Thursday and has been trading in the $40,800 area, according to data provided by CoinMarketCap.

Strong buying on Coinbase

A CryptoQuant analyst has shared that, for several hours already, the Coinbase premium for Bitcoin is "huge." They pointed out that, on the one-minute chart, this circumstance is definitely bullish in the short term. The Coinbase premium has surged, he pointed out, after the EIP-1559 upgrade (also known as "London") was activated on Thursday, Aug. 5 and pushed the price of Ethereum up, along with other major altcoins: XRP, ADA, BNB, DOT.

On that momentum, Bitcoin regained the $40,000 level and has now increased to the $40,800 area.

Strong buying on CoinbaseRead more in Quicktake👉— (@cryptoquant_com) August 6, 2021

"Bitcoin has to break some serious levels to be bullish"

Prominent analyst from Amsterdam Michael van der Poppe, however, is in no rush to be bullish, despite Bitcoin returning to higher levels and approaching the $41,000 mark.

He believes that, in order to be bullish now, the flagship cryptocurrency needs to break above "some serious levels." So far, he tweets, Bitcoin is still facing resistance.

For me, #Bitcoin still has to break some serious levels above us to be bullish for now.It's still acting inside resistance.— Michaël van de Poppe (@CryptoMichNL) August 6, 2021

As Bitcoin started to rise toward $40,000 on Thursday, crypto tracking service Whale Alert spotted three massive lumps of BTC transferred between anonymous wallets.

Each of those Bitcoin stashes were transferred by anonymous whales carrying over 11,000 BTC (over $428 million). The total amount of the king crypto in transit equaled a whopping $1,298,892,215.