BTC, the leading cryptocurrency, broke above the significant $110,000 mark for the first time on Wednesday. This led to increased interest from US Bitcoin traders, both in the spot markets and through related investment products. The bullish trend indicates that Bitcoin is likely to continue to rise and reach new price highs soon.

Recent data from CryptoQuant shows that as BTC's price surged, the Coinbase Premium Index (CPI) also hit a 24-day high. The CPI measures the price difference between Coinbase and Binance, with a positive value indicating heightened buying activity by US traders on Coinbase.

The surge in CPI reflects a positive market sentiment, showing that traders are willing to pay a premium for BTC on Coinbase. In addition, BTC spot exchange-traded funds saw a significant increase in inflows, reaching $609 million, an 85% rise from the previous day.

These trends suggest growing interest in BTC from both retail and institutional investors in the US, driving demand in spot markets and regulated investment options. BTC is currently trading near $111,139, with strong buying pressure pushing its value higher.

Technical analysis shows that BTC's Chaikin Money Flow (CMF) remains positive, indicating continued buying pressure. If this momentum is maintained, Bitcoin could surpass its recent price peak. However, if selling pressure intensifies, the value may dip to around $103,882.