Key Bitcoin price metric used by bulls falls to six-week low, but there’s a silver lining
CoinTelegraph·
60-second summary
Coinbase BTC premium, a key metric used by bulls, falls to a six-week low due to profit-taking by traders, reaching 1.5% below spot prices. However, demand from longer-term traders provides support under the range lows, indicating a potential buying opportunity. This mixed signal suggests a cautious market, with prices hovering around $28,000.
Profit-taking by Bitcoin traders pushed the Coinbase BTC premium to a six-week low, but demand from longer-term traders put a clear support under the range lows.