Bitcoin and Gold Enter a Crucial Phase Ahead of Warsh’s Jackson Hole Speech

Bitcoin’s Coinbase Premium has moved back into positive territory for the first time since May, pointing to a possible resurgence in U.S. buying demand as BTC tests the $80,000 level.

The shift means Bitcoin is currently trading at a higher price on Coinbase than on Binance, indicating comparatively stronger demand from traders on the U.S.-based exchange.

CoinGlass data shows the indicator moved above zero on Friday, ending a months-long period in negative territory. The Coinbase Premium tracks the price gap between Bitcoin on Coinbase and Binance and is widely used to gauge U.S. buying pressure.

The reversal comes after Bitcoin surged from roughly $63,000 to above $80,000, while U.S. spot Bitcoin ETFs have also seen renewed demand. Coinbase serves as a custodian for several of these funds.

U.S. spot Bitcoin ETFs have attracted about $3.51 billion in inflows, their strongest performance since October 2025, according to SoSoValue. BlackRock’s IBIT has been one of the major contributors to that demand.

The Coinbase Premium is closely watched because sustained positive readings have historically accompanied periods of stronger U.S. investor interest in Bitcoin. When BTC trades at a premium on Coinbase, it suggests American buyers may be willing to pay more than traders on Binance, a pattern that has often emerged during Bitcoin bull markets.

Still, one positive reading alone does not establish a lasting trend. The premium would need to remain positive and strengthen further to provide a more convincing signal that U.S. demand is supporting Bitcoin’s latest advance.

Bitcoin is also approaching a major technical hurdle, with the 50-week simple moving average sitting near $81,000. A sustained break above that level could strengthen the bullish outlook and create room for another leg higher.

If BTC is rejected around $81,000 again, however, the cryptocurrency could remain within its recent trading range despite the improvement in U.S. buying pressure.