Coinbase Premium, an indicator of imbalance between the BTC/USD pair on Coinbase and the BTC/USDT pair on Binance, plunged to a local low. Here's what this can tell us about the ongoing surprising Bitcoin (BTC) mini-rally.
Binance whales pushing Bitcoin (BTC) higher, Coinbase Premium says
Bitcoin (BTC) price multi-week highs registered in recent hours coincided with the rapid drop of the Coinbase Premium metric. Such observations were shared by Crypto Dan (@DanCoinInvestor), a pseudonymous cryptocurrency researcher and influencer with 34,700 followers on X.
As such, the most prominent whale movements for this rally occur on Binance (BNB), world's largest crypto exchange. The increased demand for Bitcoin (BTC) on the Binance exchange is reflected by Coinbase Premium dropping to -0.025%.
At the same time, once Binance (BNB) whales are done buying, positive movements are also expanding to Coinbase, a U.S.-dominant platform. That being said, cryptocurrency market sentiment switched to positive after almost three months of apathy.
Alex DovbnyaAs covered by U.Today previously, a negative premium shows that there is potentially strong selling pressure on Coinbase.
No more Bitcoin (BTC) cycles? Shocking comment by CryptoQuant CEO
Bitcoin (BTC), world's largest cryptocurrency, jumped to a local high over $94,300 today. The orange coin registered its highest upsurge since February. In the last seven days, the Bitcoin (BTC) price added 11.74%, growing from $83,710.
In early April, amid deep market fear, the Bitcoin (BTC) price plummeted below $74,500 twice. The majority of experts interpreted it as the end of the bull market that started in late 2022.
CryptoQuant CEO Ki Young Ju opined that when Bitcoin (BTC) is still below $100,000, it is too early to celebrate for Bitcoin (BTC) bulls.
At the same time, if the Bitcoin (BTC) price surprisingly returns to rallying, the entire bullish/bearish cycle model will be broken, the seasoned analyst concluded.
Vladislav Sopov
Dan Burgin