Bitcoin Coinbase Premium Turns Negative After 4 Weeks…Short-Term Selling Pressure Widens
Summary
- Bitcoin (BTC) Coinbase premium turned negative for the first time in about a month.
- U.S. investors' spot buying pressure weakened, expanding short-term selling pressure.
- It assessed that if Bitcoin's price remains below $112,370, short-term panic selling could accelerate.
Bitcoin (BTC) saw the Coinbase premium turn negative for the first time in about a month.
On the 18th (local time), according to Cointelegraph, after Bitcoin failed to hold the $110,000 level the previous day, the Coinbase premium on an hourly basis turned negative. On a daily basis it remained slightly positive, so long-term buying has not completely disappeared but is analyzed to be under pressure.
The Coinbase premium index is an indicator that tracks the BTC price difference between the U.S. exchange Coinbase and global exchanges. If the indicator is positive, it is interpreted as meaning U.S. investors' spot buying is strong. Until earlier this week, Bitcoin had been attempting to find support near $110,000, and the premium rose to 0.18, marking the highest level since March.
The outlet diagnosed, "Bitcoin's market sell volume exceeded $4 billion, strengthening short-term bearish pressure. In particular, strong resistance was confirmed near the short-term holder realized price (STH) level of $112,370, and if the price continues below that area, short-term panic selling could accelerate."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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