Bitcoin price forms two BTC futures gaps after Coinbase premium flips negative
Bitcoin's Coinbase premium index has turned negative after a 15-day positive period, indicating potential bearish sentiment among US investors. Bitcoin's price has fallen below $94,000, reflecting reduced buying pressure on Coinbase, which is seen as a proxy for institutional and retail demand. Over $300 million in negative cumulative volume delta was recorded from April 27 to April 29, signaling sustained selling activity. Significant selling pressure from Bitfinex whales has been noted, and approximately 8,000 BTC in open interest was removed from futures markets, indicating reduced leverage. Bitcoin is trading around $94,000, near two CME futures gaps, with expectations to test at least one gap this week. The price has dropped below the 200-day simple moving average for the first time since April 11, suggesting a potential trend shift. Key resistance is noted at $97,000-$98,000 and support at $93,000. Crypto trader UB highlighted key levels of interest for potential trades.
