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    Bitcoin Nears $95,000 as US Interest Rekindles and Market Value Rises

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    Bitcoin has rebounded towards $95,000 after sinking to a low on November 26. The overall cryptocurrency market value has also increased during this period. The drop in Bitcoin’s value was likely due to diminished US interest, but the Coinbase Premium Index suggests that US interest is growing again. This recovery is also evident in positive inflows to US Bitcoin ETFs. Although Bitcoin’s value is rising, the amount available on exchanges is decreasing, suggesting investors are moving their holdings, indicating an optimistic future for the crypto asset.

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    Bitcoin has been bouncing back since its November 26 low, managing to claw its way back up past $95,000. The wider crypto market has also been on the rise, with its total value going from $3.32 trillion to $95,000 between November 26 and November 28. The big question on everyone’s minds is whether Bitcoin managed to set up some support at the $90,000 mark before it continues its journey towards the golden $100,000.

    The recent dips in Bitcoin’s value from its new high of $99,655 on November 22 to a low of $90,742 on November 26 was likely due to less interest from the United States. This becomes clear when looking at the Coinbase Premium Index over this period, which tracks the differences in pricing between the BTC/USD pair on Coinbase, a major US exchange, and Binance’s equivalent.

    Thankfully, the interest from US investors seems to be growing again. The Coinbase Premium Index has gone up from -0.0387 on June 26 to 0.091 now. Research head at onchain analytics platform CryptoQuant, Julio Moreno, thinks that Bitcoin demand is picking up again after it corrected its prices recently. He also shared a chart demonstrating growing demand for Bitcoin, hinting that more new investors are stepping into the market.

    Bitcoin’s recovery has also seen inflows to US-based spot Bitcoin exchange-traded funds (ETFs) turning positive on November 26. In clear signs of renewed interest for Bitcoin, the US spot Bitcoin ETFs had received a total of $30.3 billion in net inflows up until now.

    Another positive development for Bitcoin is that despite its rising value, which had touched $100,000, the balance of Bitcoin on exchanges continued to fall. This means less Bitcoin is available for selling as investors move their holdings to other places, such as their own wallets. All in all, things are looking up for Bitcoin and those invested. It’s always worth noting, though, that investing can be risky. So, always do your homework before making any big moves.

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