Crypto Blog
Bitcoin has continued to experience volatility after the long-awaited halving event, with prices continuing to wobble. Despite the sideways movement, however, analysts remain optimistic about bitcoin’s price action in the current market cycle.from the blockchain analytics platform CryptoQuant, the Coinbase Premium trend could have a positive effect on bitcoin’s price once it turns negative.
The Coinbase Premium Index is an indicator that represents the percentage difference between the BTC/USDT pair on Binance and the BTC/USD pair on Coinbase Pro. Since Binance has a global user base while Coinbase is more focused on the US market, the difference between the prices on these two large crypto exchanges provides insight into the trading behaviors of both demographics.
Per the analysis from CryptoQuant, historical data indicates that bitcoin’s price typically rebounds when the Coinbase Premium trend is negative and reverses from a downtrend to an uptrend. One such occasion was when Grayscale won the lawsuit against the SEC regarding the conversion of its GBTC product to a spot Bitcoin ETF, and it positively affected BTC’s price.
The Coinbase Premium Index is currently hovering in the positive zone, close to zero. However, if the trend shifts to negative, bitcoin’s price is expected to rebound. “If the historical pattern repeats itself, we may have a better chance of success if we wait a bit longer and invest in the rebound after the trend turns negative,” the analyst said.Bitcoin has continued to see increased interest from investors despite price fluctuations. The latest approval of several spot Bitcoin ETFs have further improved inflows into the market.One Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin Price Alert: Historical Trends Spell Trouble for BTC as Halving LoomsBitcoin halving event set to occur in next few days; what to expect, per historical data
Read more »
Bitcoin exchange inflows drop to 10-year lows after $74K all-time highsBitcoin traders are uninterested in keeping BTC on hand to sell on exchanges, new data shows.
Read more »
Crypto investment funds see $435M outflow as bull market stalls amid rising inflation concernsData shows negative crypto fund flows, with Bitcoin leading at $423 million.
Read more »
Crypto funds see $110M in Bitcoin outflows as BTC price drops and investors risk offData shows negative crypto fund flows, with Bitcoin leading at $110 million.
Read more »
Bitcoin's Price History Points to Bull Run in 120 Days at MostBitcoin's historical price patterns hint at imminent bull run within next 120 days at most
Read more »
Historical data suggest hard knocks to human societies build long-term resilienceFrequent disturbances to human societies boost the ability of populations to resist and recover from subsequent downturns, a Nature paper indicates. The study, which analyzes 30,000 years of human history, has implications for future population growth and resilience and for contemporary resilience-building initiatives.
Read more »