Bitcoin price reached a new all-time high at $35,776 on Binance on Jan. 6. Following the explosive overnight uptrend of Bitcoin (BTC), on-chain analysts are generally optimistic about the short-term trajectory. While many agree that the rally is beginning to show signs of overheating, it is not overbought just yet.
The major catalyst behind Bitcoin’s strong rally has been the continuous increase in buyer demand on Coinbase. Throughout the past week, Coinbase, the largest cryptocurrency exchange in the United States, saw premiums of around $100. This means that compared with Binance and other major exchanges, Bitcoin has been trading at a higher price on Coinbase. It could indicate a growing demand for Bitcoin from high-net-worth investors and, potentially, institutions.
Bitcoin strongly rallied overnight, recording a 10% gain within merely 10 hours. After the latest rally, on-chain analysts have said that BTC likely still has some room to rally further, considering that various on-chain indicators show the market could become