Analysts indicate that Bitcoin (BTC) is potentially poised for a short-term rally, showing signs of upward momentum.

Investor activity has surged, highlighted by two significant withdrawals from Coinbase, each exceeding 8,000 BTC and totaling approximately $1.87 billion.

Analyst Yonsei Dent emphasizes the importance of moving averages, noting that a significant price movement often follows a 'golden cross' when the daily average crosses above the weekly average.

As of December 5, 2024, Bitcoin is trading at $96,216, reflecting a slight increase of 0.3% over the last day and a 1.3% rise over the past week.

Recent analysis suggests that Bitcoin is forming higher lows and a converging triangle pattern, which could signal the start of a new uptrend if demand rises sufficiently.

This strong investor activity on Coinbase underscores the increasing interest among US investors, as noted by analyst Burak Kesmeci.

Recent data shows that the weekly moving average has shifted from a negative to a positive slope, setting the stage for a potential golden cross.

Historical trends indicate that previous occurrences of a positive slope combined with a golden cross have led to substantial price increases for Bitcoin.

Since the approval of spot Bitcoin ETFs, institutional demand for Bitcoin has risen significantly, with expectations that retail interest will follow.

If this trend of increasing demand continues, analysts predict that Bitcoin may soon surpass the $100,000 mark.

However, the necessity of sustained demand is crucial for these indicators to translate into a significant price rally.

The Coinbase Premium Index, which measures the price difference of Bitcoin on Coinbase compared to other exchanges, serves as a key indicator of market sentiment and institutional demand.