Bitcoin Soars to New Peak of Over $93K as Strong Demand in the U.S. Pushes Through Resistance.

Bitcoin surged past the $90,000 mark on Wednesday, breaking through significant resistance and quickly advancing to a new high above $93,000. This move occurred as U.S. markets opened for the day, pointing to strong demand from American investors fueling the rally.

After facing resistance at $90,000 earlier in the week, Bitcoin broke through that threshold during U.S. morning hours. The surge accelerated once the key level was surpassed, with prices swiftly rising past $93,000.

The timing of the move coincided with the opening of U.S. traditional markets at 9:30 am ET, which suggests that American market participants may be behind the price surge. The Coinbase Premium Index, a key indicator of U.S. demand, spiked to 0.2, its highest reading since April, according to CryptoQuant data. This metric compares the price of Bitcoin on Coinbase, a platform popular with U.S.-based investors, to prices on Binance, the leading global exchange by volume.

While it’s unclear which specific investors are driving the buying activity, U.S.-listed bitcoin exchange-traded funds (ETFs) also saw strong volume on the same day. BlackRock’s iShares Bitcoin Trust ETF, the largest spot Bitcoin ETF with $40 billion in assets, traded around $1.2 billion in the first hour of the session, making it the fourth most-traded ETF across all categories, according to Barchart data.

By press time, Bitcoin had retraced slightly to $92,200, but it was still up nearly 7% in the past 24 hours, outperforming the broader CoinDesk 20 Index, which rose by 3.5%. Other cryptocurrencies such as Ethereum (ETH) and Solana (SOL) posted gains of 1.6% and 2.7%, respectively, in the same period.

The rally is being supported by strong spot buying, as shown by the Spot Cumulative Volume Delta (CVD), which measures the net difference between buying and selling volumes. The data indicates that buyers are driving the market, with each increase in CVD correlating with a rise in prices. This suggests that the rally is supported by spot market demand, making it more sustainable compared to futures-driven moves, according to CoinDesk analyst James Van Straten.