Bitcoin Coinbase Premium Declines, But Still At Green Values, Bullish Signal?

Hououin Kyouma
Hououin Kyouma

16 Mar 2023 1:30 PM

Data shows the Bitcoin Coinbase Premium has seen some decline, but the metric remains at very positive values, a sign that may be bullish for the price....

  • The Bitcoin Coinbase Premium Index measures the percentage difference between the Bitcoin price listed on Coinbase and that on Binance.
  • The metric shows that US investors are currently putting a higher amount of buying pressure on Bitcoin compared to the worldwide users.
  • The indicator hit a new all-time high of about 1% a few days ago, but has since fallen to just under 0.4.
  • The decline in the metric suggests that the buying pressure from American investors has dropped off, but the value is still positive, which may be a bullish sign for the asset's price.

The article has a generally positive sentiment, as it suggests that the Bitcoin Coinbase Premium Index remaining at positive values may be a bullish sign for the asset's price. However, it also notes that the decline in the metric suggests a drop in buying pressure from American investors.

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