Bitcoin Selling Pressure On Coinbase Disappears: Short-Term Jump Soon?
Summary
Bitcoin selling pressure on Coinbase is decreasing, indicated by the rising Coinbase Premium Gap. This metric tracks the price difference between Bitcoin on Coinbase and Binance. Negative values suggest higher selling pressure on Coinbase, while positive values indicate higher buying pressure. The recent negative trend implies heavy selling by US-based institutional investors, but as the gap approaches neutral, it may signal a short-term upside opportunity. Additionally, Bitcoin's open interest has spiked, potentially leading to higher price volatility. Despite this, Bitcoin has crossed the $64,800 mark in price recovery.
