Bitcoin Breaks Through $90,000 Resistance, Surges Past $93,000 Amid Strong U.S. Demand
Bitcoin shattered the $90,000 resistance level early in U.S. trading hours, surging past $93,000 fueled by intense demand. The Coinbase Premium Index hit its highest level since April, indicating heavy buying from U.S. investors.
Driving the rally, BlackRock’s iShares Bitcoin ETF (IBIT) saw significant activity, ranking as the fourth-most traded ETF across all U.S. exchanges with a $1.2 billion trading volume within the session’s first hour.
After testing the $90,000 level several times earlier in the week, Bitcoin finally broke through on Wednesday morning as U.S. markets opened at 9:30 a.m. ET. The price quickly climbed, topping $93,000 before a slight pullback to $92,200, marking a 7% gain over the past 24 hours. Meanwhile, other cryptocurrencies like Ethereum (ETH) and Solana (SOL) also saw gains of 1.6% and 2.7%, respectively.
The Coinbase Premium Index, which tracks price differences between Coinbase and Binance, spiked to 0.2, a signal of strong U.S. demand. The index reflects buying pressure on Coinbase, a preferred exchange for U.S.-based investors and institutions.
Spot market dynamics are driving this rally, with Spot Cumulative Volume Delta (CVD) showing net positive trade volumes largely from buyers. This volume trend suggests a sustainable rally driven by actual spot purchases rather than futures trading, according to CoinDesk analyst James Van Straten.
