Bitcoin Retraces Below $120,000 as Coinbase Premium Gap Turns Negative

Bitcoin has retraced below $120,000 as the Coinbase Premium Gap has dropped into negative territory.

Key Points

The Coinbase Premium Gap measures price differences between BTC on Coinbase and Binance.
A positive gap indicates higher buying pressure from US investors; a negative gap suggests selling pressure is greater among them.
The gap was positive during Bitcoin's rise to $122,000 but reversed sharply, leading to a price drop below $120,000.
This trend reflects the influence of American institutional investors on Bitcoin's price movements.
New address generation on the Bitcoin network has reached its highest in a year, with 364,126 new addresses created recently.

As of now, Bitcoin trades at approximately $119,300, marking a 5% increase over the past week.