Bitcoin Has Undergone This Bearish Structure Change, Analyst Explains
18 Março 2024 - 9:00PM
NEWSBTC
An analyst has explained that the recent trend in the Bitcoin
Coinbase Premium Gap suggests a significant change in the asset’s
structure. Bitcoin Coinbase Premium Gap Has Continued To Be
Negative In a new post on X, analyst Maartunn discussed how the
Bitcoin Coinbase Premium Gap is still negative. The “Coinbase
Premium Gap” here refers to a metric that tracks the
difference between the Bitcoin prices listed on cryptocurrency
exchanges Coinbase (USD pair) and Binance (USDT pair). Related
Reading: Bitcoin Sentiment Cools Off, Price Rebound Soon? This
indicator’s value provides hints about how the behavior of the
former’s userbase currently differs from that of the latter
platform. Below is the chart shared by the analyst that reveals the
trend in the Bitcoin Coinbase Premium Gap since the start of the
year. The value of the metric seems to have been quite red in
recent days | Source: @JA_Maartun on X As the graph shows, the
Bitcoin Coinbase Premium Gap had been mostly positive as Bitcoin
had gone through its journey from $44,000 to beyond the $73,000
level. This would imply that the price listed on the exchange was
higher than on Binance during this period. Such a trend naturally
suggests that the buying pressure on the former was greater than on
the latter. Coinbase is widely known to be the preferred platform
of US-based institutional investors, while Binance has global
traffic. Thus, the green positive premium values would imply these
large American entities had been buying and supporting the rally.
Recently, however, the indicator’s value turned negative as these
investors took to selling instead. Since then, the metric has
continued to assume such values. Alongside this selloff, the BTC
price has experienced a notable decline. The Bitcoin Coinbase
Premium Gap followed a similar pattern during the first month or so
of the year. In the first 10 days of January, the metric had been
positive as buying had occurred in anticipation of the spot
exchange-traded funds (ETFs). Still, after the ETFs had been
approved, the indicator had turned negative. Related Reading:
Bitcoin FOMO: Over 533,330 Addresses Bought Above $70,180 The red
premium values had maintained for a few weeks, during which the
cryptocurrency price had struggled. Based on this pattern and the
recent trend, it would seem that American institutional traders
have driven the price action this year. As such, so long as the
current bearish structure in the Bitcoin Coinbase Premium Gap
exists, it’s possible that the price may not be able to amass too
much upward momentum. BTC Price At the end of the positive Coinbase
Premium Gap streak, Bitcoin had been able to achieve a new all-time
high above $73,800, but as traders have switched to selling on the
platform, the coin has dropped almost 9%, with its price now
trading around $67,300. Looks like the price of the coin has been
going down over the last few days | Source: BTCUSD on TradingView
Featured image from Shutterstock.com, CryptoQuant.com, chart from
TradingView.com
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