The Bitcoin Coinbase premium index reached its highest level since Feb. 20 after BTC prices rallied 5% on March 19. The Coinbase premium index measures the price difference between Coinbase and Binance prices for BTC pairs, where a higher value signals US investors dictating stronger buying pressure. The index gauges US retail interest, but Woonminkyu, a verified analyst on CryptoQuant, said that it may also signal strong accumulation from US institutions and whales. The analyst explained that the 30-day EMA of the index crossed the 100-day EMA level, which implies the presence of large players. Coinbase Pro was integrated into Coinbase Advanced in early 2024. Therefore, it is plausible that the Coinbase premium also represents US institutional interest to a certain extent. One of the major positives observed on BTC’s 1-day chart is the bullish reclaim on the 200-day exponential moving average (EMA). After a successful breakout above $85,000 resistance, turning the level into support further improves the possibility of a $90,000 retest. On the daily chart, Bitcoin price also bounced from the lower range of the Bollinger Bands (BB), with the metric’s moving average remaining above the $90,000 level. The bullish narrative is invalidated if a daily candle closes below $85,000 before the end of the week. Michael Van de Poppe expects a continued run to retest $90,000 over the next few days. However, Max, the founder of BecauseBitcoin, said BTC might have a “little more work to do.” Similarly, crypto trader Koroush AK suggested traders remain cautious until a shift in market structure occurs. The chance of a correction below $73,000 remains a threat. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when making a decision.