Bitcoin Remains Below $82,000 Amid Rising Coinbase Premium
Bitcoin is currently trading below $82,000, 25.1% lower than its all-time high of $109,000 from January. In the last 24 hours, BTC has declined by 0.7%, indicating ongoing market uncertainty.
Market Sentiment and Coinbase Premium
- The Coinbase premium shows higher lows, suggesting underlying demand despite Bitcoin's price drop.
- No clear breakout or reversal signals are evident, maintaining market uncertainty.
- Analyst Avocado Onchain notes Bitcoin remains in a declining price channel with repeated pullbacks.
- Market conditions create confusion for investors, with no decisive movement indicating a downtrend or bullish reversal.
The Coinbase premium reflects ongoing accumulation by US-based investors amid broader market struggles. Caution is advised against overleveraging or panic selling.
Avocado highlights that exiting positions based on short-term fear could lead to missed opportunities, stating insufficient data to confirm a bear market at this time.
Miner Selling Pressure
- Increased miner selling activity noted as BTC prices dropped to $77,700, historically signaling selling pressure.
- Miners often sell to cover operational costs during price declines.
- Ongoing miner selling could hinder Bitcoin’s short-term recovery potential.
- If buyer demand can absorb supply, Bitcoin may stabilize before attempting a rebound.
