Bitcoin Sellers Have Returned On Coinbase, Price Decline To Continue?
Summary
The Bitcoin Coinbase Premium Index has turned negative, indicating potential bearish pressure on the asset's price. This index measures the price difference between Coinbase and Binance. Previously, high index values correlated with price rallies, driven by institutional buying. The current negative trend suggests increased selling pressure on Coinbase, possibly from US-based institutional investors. If the index remains negative, Bitcoin may consolidate or experience a drawdown. However, a return to positive territory could avert a bearish outcome. Currently, Bitcoin is trading around $50,900, down 2% in the past week.
