Bitcoin broke through the $90,000 resistance level on Wednesday, quickly climbing to a new all-time high above $93,000, as strong demand from U.S. investors powered the move. This surge came just as traditional U.S. markets opened for trading, highlighting the influence of American market activity on Bitcoin’s price.

After bouncing between the $89,000 and $90,000 levels earlier in the week, Bitcoin surged past this resistance during the early hours of the U.S. trading session. Once the price breached $90,000, it continued to climb, hitting over $93,000 before consolidating slightly.

The timing of this move, coinciding with the U.S. market open at 9:30 am ET, points to a surge in U.S. buying activity. The Coinbase Premium Index, a measure of U.S. demand for Bitcoin, shot up to 0.2, its highest level since April, signaling significant buying pressure from U.S. traders, according to data from CryptoQuant.

This index tracks the price difference for Bitcoin on Coinbase, a U.S.-based exchange, compared to Binance, a leading global exchange. A higher premium on Coinbase suggests that U.S. investors are willing to pay more for Bitcoin, reflecting strong demand.

At the same time, U.S.-listed Bitcoin exchange-traded funds (ETFs) saw strong trading volumes, further supporting the idea of robust U.S. investor participation. BlackRock’s iShares Bitcoin Trust ETF, which holds $40 billion in assets, saw $1.2 billion worth of trades within the first hour of the session, making it one of the most traded ETFs across all sectors, according to Barchart data.

At press time, Bitcoin had retreated slightly to around $92,200, but it was still up nearly 7% in the past 24 hours, outperforming the broader CoinDesk 20 Index, which gained 3.5%. Other major cryptocurrencies, including Ethereum (ETH) and Solana (SOL), also saw gains, up 1.6% and 2.7%, respectively.

The rally is largely driven by spot buying, as indicated by the Spot Cumulative Volume Delta (CVD), which measures the net difference between buying and selling volumes. This metric shows that the market is being powered by buying activity, which correlates with the price increase. CoinDesk analyst James Van Straten noted that this suggests a more sustainable rally, as it’s being fueled by spot market purchases rather than futures speculation.