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Bitcoin

Bitcoin’s Coinbase Premium Index Decline Extends As BTC Faces Selling Pressure

Godspower Owie
by Godspower Owie
8 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Since Bitcoin’s price began to drop after its recent surge to a new all-time high on December 17, several key metrics have been demonstrating bearish movement, sparking uncertainty about BTC’s prospects in the short term. A persistent decline in crucial metrics might lead to a larger drop in BTC’s price to previous support levels.

Coinbase Premium Hints At Reduced Demand For Bitcoin

Bitcoin’s ongoing price pullback has been followed by a persistent downward trajectory of the BTC’s Coinbase Premium Index. Technical analyst and host of the Crypto Banter show Kyle Doops reported the negative development on the X (formerly Twitter) platform, reflecting a reduced buying appetite from investors on the US-based crypto exchange.

Related Reading: Bitcoin Coinbase Premium Registers Red Plunge: BTC Rally Done?

This indicator, which calculates how much Bitcoin costs on Coinbase compared to other international exchanges, is frequently used to assess institutional interest. The consistent downtrend comes as market optimism wanes and is indicative of a possible change in investors’ behavior due to price fluctuations.

According to the expert, Bitcoin’s Coinbase Premium Index spiked during Donald Trump’s victory in the US Presidential elections held in early November. Kyle Doops highlighted that this increase helped to fuel BTC’s price above the $100,000 milestone.

However, since December 7, this key metric has been sliding alongside the digital asset’s recent drop below the $94,000 level. Other factors, such as holiday slowdowns and liquidity struggles, appear to be affecting the market, which could lead to an extended decline in BTC’s price in the short term.

Bitcoin
BTC’s Coinbase Premium index continues to drop | Source: Kyle Doops on X

While these conditions signal a bearish outlook, Kyle Doops is still confident about Bitcoin’s larger outlook, stating, “It is not over yet.” Thus far, crypto enthusiasts are keeping a close eye on this trend for indications of a wider impact on its price movement in the coming weeks.

This development coincides with Bitcoin witnessing a substantial inflow into cryptocurrency exchanges, signaling rising market activity and investors’ engagement. Specifically, a large movement of BTC to crypto exchanges implies a potential selling strategy by investors, causing a negative outlook for the digital asset.

The significant inflow may be crucial in shaping BTC’s price dynamics in the short term. With waning prices coinciding with exchange inflow, speculations and uncertainty have developed within the community about BTC’s next price move.

BTC’s Holdings At Loss Drops Sharply

Bitcoin may have seen notable volatility, but Kyle Doops has identified a drop in BTC held at a loss, reflecting growing market sentiment. Kyle Doops reported that the amount of bitcoin held at a loss has decreased to about 3 million BTC, down from 3.9 million to 6.1 million during last year’s corrections.

Related Reading: Bitcoin’s Key On-Chain Supply Metric Plummets To New Lows, Price Spike Looming?

Due to this, investors are demonstrating resiliency and the market is becoming less pressured. Considering the development, the market expert suggests a stronger and healthier outlook for the flagship asset.

Bitcoin
BTC trading at $93,963 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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