Bitcoin surged past the $90,000 resistance level on Wednesday, quickly reaching new heights above $93,000, driven by strong demand from U.S. investors. The breakout occurred right as U.S. traditional markets opened, signaling a significant uptick in market activity from American traders.
Earlier in the week, Bitcoin had struggled to break through the $90,000 barrier, bouncing off it multiple times. However, during the U.S. morning hours on Wednesday, the cryptocurrency finally moved decisively past this resistance level, continuing its ascent to a fresh all-time high above $93,000.
The timing of the move — just as U.S. markets opened at 9:30 am ET — suggests that U.S. investors played a major role in driving the price upward. The Coinbase Premium Index, which tracks U.S. demand for Bitcoin by measuring the price difference on Coinbase compared to Binance, surged to 0.2, its highest level since April. This indicates that U.S. traders are willing to pay a premium for Bitcoin, signaling strong buying pressure in the market.
While it’s unclear exactly which market participants are driving the rally, U.S.-listed Bitcoin exchange-traded funds (ETFs) also saw heavy trading volumes. BlackRock’s iShares Bitcoin Trust ETF, the largest spot Bitcoin ETF with $40 billion in assets, saw over $1.2 billion in trading volume within the first hour of the session, making it one of the most traded ETFs across all sectors, according to Barchart data.
At the time of writing, Bitcoin had pulled back slightly to around $92,200, still up nearly 7% over the last 24 hours and outperforming the CoinDesk 20 Index, which rose 3.5% during the same period. Other cryptocurrencies, including Ethereum (ETH) and Solana (SOL), also saw gains, with increases of 1.6% and 2.7%, respectively.
The rally is being driven by spot buying, as evidenced by the Spot Cumulative Volume Delta (CVD), which measures the difference between buying and selling volumes. The CVD data indicates that buying activity remains dominant, suggesting that the rally is sustainable and not just fueled by futures market speculation, as noted by CoinDesk analyst James Van Straten.
