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Bitcoin (BTC), the leading cryptocurrency asset, might still experience turbulence despite its over 1.60% price gains in the last 24 hours. As per insights from the Coinbase Premium Index, selling pressure is easing for the flagship crypto coin, but buying interest is slowly returning.
Bitcoin price rebound gains support from ETFs
For clarity, the Coinbase Bitcoin Premium Index measures the price difference of Bitcoin on Coinbase against major global exchanges. Coinbase noted that currently, the index shows a negative value, which suggests that there is weaker U.S. demand or stronger selling pressure.
The index now stands at -0.196%, which shows a significant rebound from recent deeper negative values. This is an indication that the coin remains in bearish territory.
Although the coin has rebounded, it is still in negative territory. That is, the rebound has not cleared Bitcoin out of the danger zone yet. In order for Bitcoin to stabilize, buyers in the U.S. need to increase their aggressive buying moves.
Even with the current rebound status of the coin, it is yet to fully recover. Hence, traders might want to treat the development as a neutral to mildly bullish signal. A complete positive indication on the index will confirm strong institutional demand.
Within the last 24 hours, the U.S. spot Bitcoin ETFs have recorded over $5 billion in trading volume. Leading asset manager BlackRock’s IBIT registered $448 million in inflows as demand for Bitcoin triggered buying pressure.
Additionally, Bitcoin breaching the $90,000 barrier sparked renewed interest among market participants. With the asset’s Relative Strength Index (RSI) at 58.72, it suggests neutral to bullish signals as the coin has more upside for growth.
As of this writing, Bitcoin changed hands at $92,970.69, which represents a 1.79% rise within the time frame. The flagship coin surged from $90,877.05 to a daily peak of $93,204.68 before its slight slip in the market. The trading volume is also up by 29.21% at $33.73 billion, indicating significant engagement.
Peter Schiff dismisses Bitcoin rally
Despite the bullish potential of Bitcoin, veteran trader Peter Schiff has dismissed the climb to $93,000.
He considers the rebound a fluke and urged investors to shift attention away from Bitcoin and cryptocurrency to focus on precious metals.
Regardless of this warning, Strategy’s executive chairman, Michael Saylor, hinted that the business intelligence firm is positioning to continue its accumulation in 2026.
In a post on X over the weekend, Saylor suggested that fresh capital will be deployed to purchase Bitcoin.
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