Bitcoin surged to $85,000, bouncing back above $80,000 and closing in on its 2-year moving average. According to CryptoQuant analysts, this rally saw the Coinbase Premium dip below zero again—meaning BTC was trading cheaper on the US exchange compared to other major spot platforms.

Coinbase Premium Signals Weak US Spot Demand

CryptoQuant says a negative Coinbase Premium points to a lack of solid spot demand from US buyers. In plain English, the latest price pump isn't being fueled by a strong influx of American spot buyers—reflected in the lower relative price on Coinbase.

BTC Above $80,000 and Nearing the 2-Year MA

CryptoQuant also highlights the technical setup: with Bitcoin reclaiming $80,000, it's now approaching its 2-year moving average. This level is a key reference for traders, showing just how far BTC's price has moved from its long-term trend.

The combo of Bitcoin ripping to $85,000 while the Coinbase Premium stays negative sends mixed signals: there's momentum, but US spot confirmation, at least by this metric, is still lacking.