Bitcoin (BTC), the cryptocurrency, rose above $76,000 on Thursday at Wall Street’s opening while traders were bearish in their short-term BTC outlook.
The following are key points.
- Analysis warns of a possible repeat breakdown. Bitcoin’s Coinbase Premium Index turns negative.
- BTC is at high risk of repeating the bear flag break down to new macro-lows.
- Bitcoin should have its best year-to-date gains at the end of April.
Bitcoin Coinbase Premium: A repeat of the past?
TradingView data showed daily gains of 1% after initial pressure The day before, the US Federal Reserve had held a meeting that was hawkish and high-priced oil.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Bitcoin investors saw little reason for a bullish turn on smaller timeframes, with US stocks stagnating.
Among the concerns was the Coinbase Premium — the difference in price between Coinbase’s BTC/USD and Binance’s BTC/USDT pairs.
“Bitcoin’s ripping higher… but the selling on Coinbase is getting DEEPER by the minute,” X User Against Wall Street wrote.
Negative Coinbase Premiums indicate that Bitcoin is not in high demand during US Trading Hours. Price action will be affected as a result.
A relief bounce in BTC/USD was combined with an increasing negative premium, which ultimately led to the pair breaking new macro-lows.
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Bitcoin Coinbase Premium Index. Source: CryptoQuant
“We’ve seen this exact movie before, and spoiler alert: everybody already knows how it ends,” The Against Wall Street campaign continued with a reference to the events of January.
You can also read about the advantages of using Cointelegraph reportedPrice formed what is known as a “price curve” back then and now. “bear flag” construction on the daily chart — a warning to buyers that a breakdown could occur.
BTC announces the best month-on-month price gain since April 2025
Some traders felt caution as well. CJ, a trader from the UK, saw little evidence of an existing long-term bottom.
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The chart uploaded to X On the day, a target of $65 000 was set.
“I think even if we are putting in a bottom here, we *at least* see something like this,” Commentators have commented on the situation.
“This would be my bullish outlook. I’m ultimately waiting on April close to refine.”
BTC/USD one-day chart. Source: CJ/X
The monthly close was set to offer 11.6% gains for April at the time of writing — still Bitcoin’s best performance In a year based on data CoinGlass.
BTC/USD returns on a monthly basis (screenshot). Source: CoinGlass
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Source: cointelegraph.com
