Bitrabo Editorial
Bitcoin’s price has risen above $71,000 as buyers return on Coinbase, signaling a positive trend in the market.
Positive Spike in Bitcoin Coinbase Premium
The BTC Coinbase Premium Index, which tracks the price difference between Bitcoin on Coinbase and Binance, has shown a significant positive spike according to CryptoQuant’s Axel Adler Jr. A positive value indicates higher buying pressure on Coinbase compared to Binance, influencing the cryptocurrency’s price.
Conversely, a negative value suggests more selling on Coinbase, potentially lowering its price. The recent data indicates a shift in buying and selling trends on these platforms.
The chart illustrating the Bitcoin Coinbase Premium Index trend highlights fluctuations over the last weeks, revealing a predominance of negative levels recently after a period of positive values. This suggests that Coinbase’s buying pressure may have impacted Bitcoin’s price movement.
With Coinbase attracting US institutional investors and Binance serving a global audience, the index provides insights into the behavior of these market participants. Institutional investors have played a key role in Bitcoin’s market dynamics, particularly with recent ETF approvals influencing price movements.
Despite recent negative values in the Coinbase Premium Index, Bitcoin has not suffered significant downward pressure but has struggled to sustain upward momentum. A recent positive spike in the index may hint at a potential buying streak, boosting Bitcoin’s bullish momentum.
Bitcoin Price Movement
Following the surge, Bitcoin has reached around $71,300, showcasing a strong performance. The market will closely observe whether this upward trend can be sustained in the coming days.