Bitcoin’s Coinbase premium turned negative.

Home / Bitcoin’s Coinbase premium turned negative.

The conclusive breakout of Bitcoin (BTC) over $50,000 will have to wait longer to materialize as spot purchasing pressure on Coinbase Pro demonstrates signs of weakening, at least in the short term.

The Coinbase Premium Index, which measures the gap between the BTC price on Coinbase Pro and Binance, has flipped negative, according to CryptoQuant. In other words, selling pressure on Coinbase appears to be strengthening compared with other exchanges like Binance.

A precursor to short-term resistance may be a pessimistic reading on the Coinbase Premium Index. When the premium is high, on the other hand, it implies heavy spot purchasing pressure on Coinbase.

Based on the index, in the near term, CryptoQuant CEO Ki Young Ju thinks topping $50,000 “looks pretty tough.”

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