{"id":598494,"date":"2024-03-19T00:00:25","date_gmt":"2024-03-19T00:00:25","guid":{"rendered":"https:\/\/uniquehot.com\/?p=598494"},"modified":"2024-06-11T07:02:24","modified_gmt":"2024-06-11T07:02:24","slug":"bitcoin-undergone-bearish-analyst-explains","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-undergone-bearish-analyst-explains\/","title":{"rendered":"Bitcoin Has Undergone This Bearish Structure Change, Analyst Explains"},"content":{"rendered":"

An analyst has explained that the recent trend in the Bitcoin Coinbase Premium Gap suggests a significant change in the asset’s structure.<\/p>\n

Bitcoin Coinbase Premium Gap Has Continued To Be Negative<\/h2>\n

In a new post<\/a> on X, analyst Maartunn discussed how the Bitcoin Coinbase Premium Gap is still negative. The “Coinbase Premium Gap” here refers to a metric that tracks\u00a0the difference between the Bitcoin prices listed on cryptocurrency exchanges Coinbase (USD pair) and Binance (USDT pair).<\/p>\n

Related Reading: Bitcoin Sentiment Cools Off, Price Rebound Soon?<\/a><\/div>\n

This indicator’s value provides hints about how the behavior of the former’s userbase currently differs from that of the latter platform.<\/p>\n

Below is the chart shared by the analyst that reveals the trend in the Bitcoin Coinbase Premium Gap since the start of the year.<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric seems to have been quite red in recent days | Source: @JA_Maartun on X<\/a><\/pre>\n
As the graph shows, the Bitcoin Coinbase Premium Gap had been mostly positive as Bitcoin had gone through its journey from $44,000 to beyond the $73,000 level.<\/p>\n
This would imply that the price listed on the exchange was higher than on Binance during this period. Such a trend naturally suggests that the buying pressure on the former was greater than on the latter.<\/p>\n
Coinbase is widely known to be the preferred platform of US-based institutional investors<\/a>, while Binance has global traffic. Thus, the green positive premium values would imply these large American entities had been buying and supporting the rally.<\/p>\n
Recently, however, the indicator’s value turned negative as these investors took to selling instead. Since then, the metric has continued to assume such values. Alongside this selloff, the BTC price has experienced a notable decline.<\/p>\n
The Bitcoin Coinbase Premium Gap followed a similar pattern during the first month or so of the year. In the first 10 days of January, the metric had been positive as buying had occurred in anticipation of the spot exchange-traded funds (ETFs)<\/a>. Still, after\u00a0the ETFs had been approved, the indicator had turned negative.<\/p>\n
Related Reading: Bitcoin FOMO: Over 533,330 Addresses Bought Above $70,180<\/a><\/div>\n
The red premium values had maintained for a few weeks, during which the cryptocurrency price had struggled. Based on this pattern and the recent trend, it would seem that American institutional traders have driven the price action this year.<\/p>\n
As such, so long as the current bearish structure in the Bitcoin Coinbase Premium Gap exists, it’s possible that the price may not be able to amass too much upward momentum.<\/p>\n
BTC Price<\/h2>\n
At the end of the positive Coinbase Premium Gap streak, Bitcoin had been able to achieve a new all-time high above $73,800, but as traders have switched to selling on the platform, the coin has dropped almost 9%, with its price now trading around $67,300.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the price of the coin has been going down over the last few days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Shutterstock.com, CryptoQuant.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
An analyst has explained that the recent trend in the Bitcoin Coinbase Premium Gap suggests a significant change in the asset’s structure. Bitcoin Coinbase Premium Gap Has Continued To Be Negative In a new post on X, analyst Maartunn discussed how the Bitcoin Coinbase Premium Gap is still negative. The “Coinbase Premium Gap” here refers to a metric that tracks\u00a0the difference between the Bitcoin prices listed on cryptocurrency exchanges Coinbase (USD pair) and Binance (USDT pair). Related Reading: Bitcoin Sentiment Cools Off, Price Rebound Soon? This indicator’s value provides hints about how the behavior of the former’s userbase currently differs from that of the latter platform. Below is the chart shared by the analyst that reveals the trend in the Bitcoin Coinbase Premium Gap since the start of the year. The value of the metric seems to have been quite red in recent days | Source: @JA_Maartun on X As the graph shows, the Bitcoin Coinbase Premium Gap had been mostly positive as Bitcoin had gone through its journey from $44,000 to beyond the $73,000 level. This would imply that the price listed on the exchange was higher than on Binance during this period. Such a trend naturally suggests that the buying pressure on the former was greater than on the latter. Coinbase is widely known to be the preferred platform of US-based institutional investors, while Binance has global traffic. Thus, the green positive premium values would imply these large American entities had been buying and supporting the rally. Recently, however, the indicator’s value turned negative as these investors took to selling instead. Since then, the metric has continued to assume such values. Alongside this selloff, the BTC price has experienced a notable decline. The Bitcoin Coinbase Premium Gap followed a similar pattern during the first month or so of the year. In the first 10 days of January, the metric had been positive as buying had occurred in anticipation of the spot exchange-traded funds (ETFs). Still, after\u00a0the ETFs had been approved, the indicator had turned negative. Related Reading: Bitcoin FOMO: Over 533,330 Addresses Bought Above $70,180 The red premium values had maintained for a few weeks, during which the cryptocurrency price had struggled. Based on this pattern and the recent trend, it would seem that American institutional traders have driven the price action this year. As such, so long as the current bearish structure in the Bitcoin Coinbase Premium Gap exists, it’s possible that the price may not be able to amass too much upward momentum. BTC Price At the end of the positive Coinbase Premium Gap streak, Bitcoin had been able to achieve a new all-time high above $73,800, but as traders have switched to selling on the platform, the coin has dropped almost 9%, with its price now trading around $67,300. Looks like the price of the coin has been going down over the last few days | Source: BTCUSD on TradingView Featured image from Shutterstock.com, CryptoQuant.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":598555,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,461,87965,86244,91874,1119,1144],"class_list":["post-598494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bearish","tag-bitcoin-coinbase-premium","tag-bitcoin-coinbase-premium-gap","tag-bitcoin-structure","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Has Undergone This Bearish Structure Change, Analyst Explains<\/title>\n<meta name=\"description\" content=\"An analyst has explained that the recent trend in the Bitcoin Coinbase 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Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Has Undergone This Bearish Structure Change, Analyst Explains","url":"http:\/\/uniquehot.com\/news\/bitcoin-undergone-bearish-analyst-explains\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-undergone-bearish-analyst-explains\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/03\/shutterstock_2074343548.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/03\/shutterstock_2074343548.jpg?fit=7239%2C4319"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bearish","bitcoin coinbase premium","bitcoin coinbase premium gap","bitcoin structure","btc","btcusd"],"dateCreated":"2024-03-19T00:00:25Z","datePublished":"2024-03-19T00:00:25Z","dateModified":"2024-06-11T07:02:24Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Has Undergone This Bearish Structure Change, Analyst Explains\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-undergone-bearish-analyst-explains\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-undergone-bearish-analyst-explains\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/shutterstock_2074343548.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/shutterstock_2074343548.jpg?fit=7239%2C4319\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bearish\",\"bitcoin coinbase premium\",\"bitcoin coinbase premium gap\",\"bitcoin structure\",\"btc\",\"btcusd\"],\"dateCreated\":\"2024-03-19T00:00:25Z\",\"datePublished\":\"2024-03-19T00:00:25Z\",\"dateModified\":\"2024-06-11T07:02:24Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/03\/shutterstock_2074343548.jpg?fit=7239%2C4319","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/598494"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=598494"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/598494\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/598555"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=598494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=598494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=598494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}