Bitcoin Surges to New Record Over $93K as Strong U.S. Demand Crushes Resistance Level

Markets Election 2024 Bitcoin Surges to New Record Over $93K as Strong U.S. Demand Crushes Resistance Level The move came as U.S. markets opened for trade, suggesting strong demand from American investors. By Krisztian Sandor , James Van Straten Nov 13, 2024 at 4:43 p.m. UTC Updated Nov 13, 2024 at 4:46 p.m. UTC Election 2024 coverage presented by Stand with crypto Bitcoin price on Nov. 13 (CoinDesk) Bitcoin blasted through the $90,000 resistance level early in the U.S. trading day and then quickly pushed even higher to top $93,000. The surge was fueled by heavy demand, with the Coinbase Premium Index at its highest level since April. Blackrock's iShares Bitcoin ETF (IBIT) was the fourth-most traded product across all ETFs, with $1.2 billion volume in the first hour of the session. Unmute Uptober Forming Amid Rising Stablecoin Liquidity and Bitcoin Transactions 01:01 Bitcoin Breaks $64K While Gold Soars 00:56 ETH/BTC Ratio Slid to Lowest Since April 2021 00:57 Is Bitcoin Losing Its Bullish Momentum? After bouncing off the $90,000 level multiple occasions earlier this week, bitcoin {BTC}} moved through that resistance during U.S. morning hours Wednesday. Once through, further gains ensured, with the price quickly rising past $93,000. The breakthrough over the key price level happened right as U.S. traditional markets opened at 9:30 am E.T., indicating that strong demand from U.S. investors propelled prices higher. Bitcoin surpassed $90K as U.S. traditional markets opened at 9:30 am ET (CoinDesk Indices) Bitcoin's Coinbase Premium Index, a key gauge of U.S. demand, has jumped to 0.2, its highest reading since April, CryptoQuant data showed, underscoring the heavy buying pressure coming from U.S. players. The metric measures the price difference for the leading crypto asset on Coinbase, widely used by U.S.-based investors and institutions, compared to prices on off-shore Binance, the most popular global exchange by trading volume. While it was not immediately clear what type of market participants are buying, U.S.-listed spot bitcoin exchange-traded funds (ETF) started the day with strong trading volumes. Shares of BlackRock's iShares Bitcoin Trust ETF, IBIT, the largest spot ETF with $40 billion of assets , traded around $1.2 billion in the first hour of the session, making it the fourth most-traded product across all ETFs, per Barchart data . Bitcoin at press time had pulled back a bit and was changing hands at $92,200, up almost 7% over the past 24 hours and leading over the broad-market CoinDesk 20 Index's 3.5% rise. Ethereum's ether (ETH) and solana (SOL) gained 1.6% and 2.7%, respectively, during the same period. Spot buying drives the rally Spot cumulative volume delta (CVD) — defined as the net difference between buying and selling trade volumes — continues to show strong flows with the majority of the net volume coming from buyers. Each time there's been a spike in spot CVD, it has corresponded to a rise in the asset's price, which suggests this rally is more sustainable as the buying is not futures-market based, said CoinDesk analyst James Van Straten. Edited by Stephen Alpher. Disclosure Please note that our privacy policy , terms of use , cookies , and do not sell my personal information have been updated . CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies . CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one. Krisztian Sandor Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH. Follow @ sndr_krisztian on Twitter James Van Straten As the senior analyst at CoinDesk, James specializes in Bitcoin and the macro environment. His previous role as a research analyst at Swiss hedge fund Saidler & Co. introduced him to on-chain analytics. He monitors ETFs, spot and futures volumes, and flows to understand Bitcoin. Follow @ btcjvs on Twitter Read more about Market Wrap Bitcoin Coinbase Premium Bitcoin ETF