Battle of the whales as $50K Bitcoin hinges on 'Coinbase premium'
A negative premium implies that accumulation will last a little longer, meaning that $50,000 as support may have to wait too. Bitcoin (BTC) has already hit $50,000 on some exchanges but needs to get whales on its side to flip it to definitive support, data suggests.In a tweet on Feb. 16, Ki Young Ju, CEO of on-chain analytics service CryptoQuant, highlighted the so-called "Coinbase premium" as one of the final hurdles for BTC/USD.Negative premium slows upward grindOn Tuesday, a clear battle was emerging within Bitcoin trading as $50,000 stayed de facto out of reach for bulls.Analyzing the....
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A look at Coinbase Pro's BTC price premium suggests that selling is underway on Thursday, as Bitcoin falls 7% in 24 hours. Bitcoin (BTC) slid under $33,000 for the first time in over a week on Jan. 21 as selling pressure gathered to drive price action lower.Coinbase Premium abruptly dropsData from Cointelegraph Markets and TradingView showed BTC/USD continuing its downtrend on Thursday, dropping 7.% on the day and failing to bounce off $33,000 support.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewThe latest move, which brings Bitcoin down over 13% versus its highs from....
The price of Bitcoin broke $50,000 on futures exchanges and several data points suggest the U.S. session could see the rally continue. The price of Bitcoin (BTC) surpassed $50,000 for the first time in history across major futures exchanges, including Binance Futures.However, on spot exchanges, like Coinbase and Binance, the price of Bitcoin rejected closely below $50,000.BTC/USD 1-hour candle chart (Binance Futures). Source: TradingviewWhy more upside is likelyOn Feb. 16, the price of Bitcoin reached as high as $49,556 on Coinbase, marking its second attempt at breaking past the $50,000....
Data shows the Bitcoin Coinbase Premium Index has declined towards neutral values recently, implying buying pressure may be running out. Bitcoin Coinbase Premium Index Has Gone Down Recently An analyst in a CryptoQuant Quicktake post explained that the Coinbase Premium Index has been decreasing recently. The “Coinbase Premium Index” here refers to the percentage difference […]
Data shows the Bitcoin Coinbase Premium Index has plunged down recently, here’s what has happened in the past during instances of such a trend. Bitcoin Coinbase Premium Index Has Sharply Gone Down Recently As pointed out by an analyst in a CryptoQuant post, the BTC volatility has usually increased in the past when the metric […]
Bitcoin whales are selling while buyers in the U.S. are accumulating, who will get the upper hand, and where will BTC’s price go next? The price of Bitcoin (BTC) achieved a new all-time high above $42,000 on Jan. 8, surging by 9% in merely three hours. At the time, there was a high premium on Coinbase, which meant U.S. buyers drove up the market by aggressively accumulating BTC. But, there is continuous selling pressure coming from Asia, particularly from South Korea.Bitcoin corrected sharply after rising to $42,000, declining by over 7% in about eight hours. The sell-off coincided with....