key Bitcoin The indicator that has frequently warned of a possible short-term rally in BTC over the past few weeks has fallen into bearish territory, indicating that investor attention is shifting to the largest crypto asset.
Bitcoin Coinbase Premium Index hits new lows
IC News, recent information media reported Bitcoin’s Coinbase Premium Index has been hit by a plunge to new lows, raising questions about investor returns. request For digital assets.
Historically, the Coinbase Premium has been used as a gauge of domestic interest in Bitcoin by measuring the price differential of BTC on the Coinbase platform and other cryptocurrency exchanges. Decline in this important indicator This suggests that buying pressure from US retail investors may be weakening.
Coinbase's premium plummeted to around -0.2%, the lowest level in two years, according to the platform. The platform noted that the signal value currently indicates a possible decline for US-based trading platforms like Coinbase.
This sharp decline comes after the indicator has shown a positive trend over the past few weeks, indicating a potential short-term upside for Bitcoin. Typically, a rise in Coinbase's premium indicates that large investors are taking advantage of BTC's growing strength. On the other hand, a decline in the index suggests a change in confidence among investors and traders.
A bearish turn in the indicator could also imply that crypto assets are losing their short-term upward momentum. Despite recent increases in public sentiment surrounding Bitcoin's future price performance, this decline may signal: large purchaser They may be taking a cautious approach, which could impact price movements in the short term.
Given that this indicator is important for determining broader market trends, both retail and institutional. investor They are currently closely monitoring the index to navigate Bitcoin's next price trajectory.
BTC breaks out from major pattern to new all-time high
Bitcoin has now climbed to the $68,000 level, painting a positive outlook. The crypto asset is approaching the $69,000 level with strong support from the bulls, as evidenced by a more than 56% increase in trading volume over the past day.
Combined with the current price performance of BTC; main formation has collected bold predictions from experienced crypto analysts, with some predicting that the digital asset could soon reach an all-time high.
According to Market experts told Mustache that Bitcoin appears to have successfully exited the downward-expanding wedge following the weekly close. As a result, experts believe BTC could be poised to hit new all-time highs in the coming weeks.
Featured image from Adobe Stock, chart from Tradingview.com
