Bitcoin News Today: Bitcoin Coinbase Premium Turns Negative After 62-Day Streak Amid Rising Sell Pressure

Bitcoin's Coinbase Premium Index turned negative for the first time since May 29, ending a 62-day positive streak and signaling a shift in U.S. spot demand dynamics [1]. The index, which measures the price gap between Coinbase BTC/USD and Binance BTC/USDT pairs, had previously highlighted the strongest institutional demand period on record, lasting 94 days [1]. The recent inversion suggests a cooling appetite among U.S. buyers, though this does not necessarily signal a bearish trend—rather, it reflects a more complex market environment [1].

Despite the negative premium, Bitcoin's price remains resilient above $115,000 [1]. On-chain data from analyst Boris Vest reveals the taker buy/sell ratio has fallen to 0.9, indicating increased selling pressure from market makers [1]. However, larger passive buyers appear to be absorbing this activity, preventing significant price declines. The neutral futures funding rate of 0.01 suggests balanced leverage in the market, potentially setting the stage for a major price move [1].

The futures market’s cumulative volume delta (CVD) continues to reflect sustained sell pressure without triggering major price breakdowns [1]. This divergence implies underlying market strength and may precede a liquidity-driven shakeout before a sustainable upward move [1]. Meanwhile, key metrics such as the Net Realized Profit/Loss (NRPL) and Adjusted SOPR indicate that profit-taking is not accelerating, with no signs of large-scale investor exits [1]. The Adjusted SOPR remains below the 1.10 level typically associated with market tops, suggesting continued investor confidence [1].

Broader macroeconomic factors also support a favorable environment for Bitcoin. The U.S. Job Openings and Labor Turnover Survey (JOLTS) points to a slightly weaker labor market, reinforcing a "Goldilocks" scenario conducive to risk assets [1]. Consumer confidence, after a six-month decline, has rebounded, further supporting positive investor sentiment [1]. These factors position Bitcoin in a neutral zone, awaiting a decisive catalyst such as the upcoming Federal Open Market Committee (FOMC) meeting to trigger the next major price move [1].

Technical indicators also suggest increasing volatility potential. Trader Titan of Crypto notes that Bitcoin’s Bollinger Bands on the daily chart are tightening, a classic sign that volatility is compressing and a significant breakout or breakdown is imminent [1]. The Relative Strength Index (RSI) is also compressing, reinforcing this outlook. Titan describes the situation as "Bitcoin in a pressure cooker," emphasizing the likelihood of a major price event soon [1].

The current state of the market reflects a delicate balance between selling pressure and underlying strength. While U.S. institutional demand has cooled, Bitcoin’s price remains supported by passive buyers and a neutral leveraged trading environment. The market is now in a holding pattern, with technical and macroeconomic indicators suggesting a potential for a significant price movement ahead [1].

Source: [1] Bitcoin Coinbase Premium Turns Negative Amid Mixed Signals, Suggesting Potential Volatility Ahead (https://en.coinotag.com/bitcoin-coinbase-premium-turns-negative-amid-mixed-signals-suggesting-potential-volatility-ahead/)