The key takeaways
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Bitcoin’s Coinbase premium indicator turned negative, for the first 15-day period. It indicates that US investors are displaying a defensive attitude in short term.
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Bitcoin CME futures gap between resistance and support, $96,400 to 97,400 suggests a trading range.
Bitcoin’s Coinbase premium index, which is a measure of the difference between BTC prices at Coinbase Pro, and Binance Exchange, went negative after 15 days on a positive streak, signaling possible bearish sentiment from US investors.
Bitcoin is down by about 5%.BTC() is now below $94,000. The decline in the premium indicates a reduced demand for Coinbase. Coinbase has been used as a proxy to measure both institutional and retail demand.
Cointelegraph reported Early signs of sell-side pressure. Bitcoin recorded over $300,000,000 in negative spot volume cumulative delta (CVD), from April 27 through to 29. This indicates sustained activity on the part of sellers.
Related: Strategy, Semler bag 2K Bitcoin as price edged toward $100K last week
Exitpump, a crypto analyst anonymous, has said that this selling pressure continued over the weekend and contributed to the decline in price. noting Bitfinex whales displayed significant selling pressure when compared to Coinbase or Binance.
Additionally, the futures market has reduced its leverage by removing approximately 8,500 BTC of open interest. The aggregated delta of futures’ bids and asks is positive according to recent data.
Bitcoin futures have gaps on both sides
Bitcoin has reached a critical point, with its price hovering around $94,000 in between the gaps of two CME Futures. These gaps range between $92,000 to $92,500 for two weeks and between $96,400 and $77,000 from last weekend. CME gaps Price gaps can act as a magnet for action. Historical trends show that these gaps tend to be filled within a couple of days.
Bitcoin may test at the very least one gap during this week. The possibility of a drop up to $92,000 has increased after Bitcoin was unable to maintain its current position over its 200-day moving average.
Bitcoin’s position has dropped below the 200 day SMA, possibly signaling a change in trend on the LTF chart.
The price is expected to be volatile in the short-term due to the overhead resistance of $97,000-$98,000 ($CME gap 1 ) and the key support level at $93,000 (where multiple liquidity levels exist).
Crypto trader UB pointed out There are several areas to pay attention on X.
“Things are fairly clean in terms of key levels. $95.5k & $91.9k. I’m personally not interested in a Bitcoin trade unless price is at one of the levels above. A reclaim of $95.5k would be a clear long to $99.1k.”
Related: What will Bitcoin price be if gold hits $5K?
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Source: cointelegraph.com
