Bitrabo Editorial
Recent data indicates that the selling pressure on Bitcoin at Coinbase is diminishing, potentially setting the stage for a brief price surge.
Bitcoin Coinbase Premium Gap Nearing Neutral Territory
Analyst Maartunn recently shared insights on the rising Coinbase Premium Gap, which had previously dropped into negative territory. This metric compares Bitcoin prices on Coinbase (USD pair) and Binance (USDT pair).
A positive gap signifies a higher price on Coinbase, suggesting greater buying pressure or lower selling pressure compared to Binance. Conversely, a negative gap implies higher selling pressure on Coinbase.
The Bitcoin Coinbase Premium Gap trend graph depicts recent negative values, indicating more selling activity on Coinbase, primarily by US-based institutional investors.
The shift towards neutrality in the Premium Gap could indicate a decline in institutional selling, hinting at potential short-term price gains.
Bitcoin Open Interest and Potential Price Volatility
Bitcoin’s open interest in derivatives has surged significantly, suggesting a possible increase in price volatility and the likelihood of a sudden market liquidation event.
Current Bitcoin Price
Bitcoin’s price has surpassed $64,800, showing a recovery trend in the past day.