Key takeaways:
Bitcoin’s Coinbase premium index turned negative for the first time in 15 days, indicating defensive short-term sentiment among US investors.
Bitcoin CME futures gaps between support at $92,000-$92,500 and resistance at $96,400-$97,400 suggest a period of range-bound trading.
Bitcoin’s Coinbase premium index, which measures the gap between BTC price at Coinbase Pro and Binance exchange, turned negative after a 15-day positive stint, signaling potential bearish sentiment among US investors.
This drop coincides with Bitcoin (BTC) slipping below $94,000, and the premium’s decline suggests reduced buying pressure on Coinbase, which is viewed as a proxy for both institutional and retail demand.
Bitcoin Coinbase premium. Source: CryptoQuant
Cointelegraph reported early signs of selling pressure, with Bitcoin recording over $300 million in negative spot cumulative volume delta (CVD) from April 27 to April 29,