The BTC price can be stuck in consolidation longer than initially expected, because the latest chain data shows that the Premium index from Coinbase Bitcoin has fallen below zero. What is this decreasing metric signal for the prime minister’s cryptocurrency?
ANDIs the price of Bitcoins threatened by movement down?
In a recent post on the X, Dirent Crypto Pundit Ali Martinez revealed that the premium indicator with bitcoins coins with assembly decreases, falling below the critical zone in recent days. The Premium Coinbase indicator is a chain title that follows the difference between the BTC price for coins (USD pair) and binance (USDT pair).
This indicator can also ensure an insight into the difference in buying and selling investors’ behavior on two cryptographic trade platforms. The Bitcoin Coinbase Premium coin indicator reflects the sentiment of American institutional entities (main players in Coinbase) and how it differs from global exchanges.
Usually, when the bitcoins bonus for coins increases or is a positive value, it means an boost in demand from American investors who are ready to spend more than other global investors on the purchase of flagship cryptocurrency. On the other hand, the Coinbase Premium index slipped under a zero sign, signals that American investors are buying less compared to global traders.
Source: Ali_charts/X
This low purchasing activity is emphasized by the gloomy results of Traded BTC BTC funds in recent weeks. The latest market data show that the ETF market in the US has registered a total outflow of USD 559 million over the past week.
Since institutional and huge American investors do not accumulate bitcoins at current prices, the market leader may fight for the construction of a real stubborn momentum. Historically, a decrease in the Premium Coinbase index was associated with the consolidation period, and even a potential risk of BTC price decrease in the near future.
Btc whales relief assets
In a separate post on X, Martinez noticed that Bitcoin investors have cut its shares in recent weeks. Santiment data shows that whales containing from 10,000 to 100,000 coins have sold 30,000 BTC (worth $ 2.9 billion) in the last 10 days.
This level of sales activity slightly explains the snail-paced Bitcoin price campaign in recent weeks. From this letter, the price of BTC is slightly above USD 96,500, which reflects an boost of 0.8% in the last 24 hours. According to data from Coingceko, the prime minister of cryptocurrency has fallen by 1.1% over the past week.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Recommended photo from Istock, chart from TradingView
