New analysis claims that changes in demand for Bitcoin (BTC) are “behind” the price rebound to $64,000.

Key Points:

• A up-to-date analysis of Bitcoin prices indicates that American whales are behind the latest wave of BTC price cuts.
• Coinbase Premium is above its 14-day moving average, which is a key signal of strength.
• Research by Bitcoin Suisse suggests that “something has changed” in the market this week.

Coinbase Premium Bitcoin remains negative despite trendline recovery

In blog entry on Friday was assigned to onchain analytics platform CryptoQuant July Bitcoin growth for whales living in the USA.

In particular, Coinbase Premium – the price differential between Coinbase and Binance’s BTC/USDT pairs – is showing early signs of “recovering strength” on the buy side.

“The Coinbase Premium Index for both BTC and ETH remains negative, but both have rebounded from local lows,” wrote specialist Burak Kesmeci.

“Moreover, both indicators managed to regain their SMA14. This is what is behind Bitcoin’s move from 58,000 to 64,000 and Ethereum’s rise from $1,500 to $1,750.”

Coinbase Premium Bitcoin Index with 14-day SMA. Source: CryptoQuant

Kesmeci referred to the Coinbase Premium Index 14-day basic moving average. How – Cointelegraph reportedThe index has been in the red for most of 2026, indicating faint demand from both huge and tiny investors on the largest U.S. cryptocurrency exchange.

“Once again, whale activity in the US proves to be the leading data point in determining the direction of the trend. This indicator can be used to read short-, medium- and long-term regime changes,” Kesmeci continued.

The index is currently trading at -0.08, according to CryptoQuant data, with the last time it rose on a daily time frame over two months ago.

“The current picture is a catalyst for a short-term rebound, but to truly create a long-term regime change, this indicator must exceed zero,” Kesmeci concluded.

Bitcoin Suisse: “Bottom Signal Structure Flashes”

How – Cointelegraph reportedInstitutional demand is also of interest to market participants.

Related: BTC speculators in the spotlight as analysis indicates a ‘textbook Bitcoin bottom’ is underway.

U.S. spot Bitcoin Exchange Traded Funds (ETFs) reported their first net inflows after a record $2.7 billion losing streak.

Data from a British investment company Investors from Farside nevertheless, it shows that investor sentiment remains sensitive to even tiny changes in BTC prices.

On Thursday, net outflows totaled $95.3 million for the third straight day.

US Bitcoin ETF spot network flows (screenshot). Source: Farside Investors

Analyzing a basket of indicators, crypto services provider Bitcoin Suisse included ETF flow data as one of the signals that the market status quo has changed.

“Eight weeks of ETF outflows. Bitcoin at 21-month low. Something changed this week,” X told followers in a thread Friday.

Bitcoin Suisse described “flashing the lower signal line” while the Crypto Fear & Greed Index remained in the low end of the “extreme greed” zone.