Bitcoin tops $76,000 as Coinbase Premium Gap turns negative

Bitcoin Coinbase premium turns negative. BTC still pushes past $76K and triggers mass short liquidations.

Analyst Maartunn reports the Coinbase Premium Gap flipped below zero for the first time in nine days. He shared the move in an X post (source).

The Coinbase Premium Gap tracks price difference between Bitcoin on Coinbase (USD) and Binance (USDT). Positive premium implies stronger US buy-side. A drop below zero points to relative weakness on Coinbase.

Earlier this week the premium spiked. BTC rallied alongside it (source).

Now the gap sits just under zero. A deeper slide has coincided with pullbacks before, including March, per the same analyst (source). Price has risen despite the flip.

BTC broke $76,000 for the first time since February. It neared $77,000, then eased to ~$76,500 in the last 24 hours.

Key flows:
- $209 million BTC shorts liquidated in 24 hours (CoinGlass)
- $456 million total crypto shorts liquidated in the same window (CoinGlass)