This indicates that the price of Bitcoin is lower on Coinbase compared to Binance, a signal that often points to a divergence in buying activity across different markets.
Buying Pressure Shifts To Global Markets
Despite the negative Coinbase Premium, the analyst noted that Bitcoin’s price has increased. This suggests that while US-based traders on Coinbase may not be driving the price up, there is significant buying pressure on Binance, a major exchange catering to global users.
The analyst pointed out that the negative Coinbase Premium suggests buyers outside the US are more active, particularly on Binance, where the price is slightly higher.Negative Coinbase Premium Signals Strong Buying Pressure on Binance “During the current upward trend, the fact that the Coinbase Premium is negative while ’s price isn’t falling suggests that there is strong buying pressure occurring on Binance.” – By … — CryptoQuant.com (@cryptoquant_com)
This buying activity reflects a stronger demand for Bitcoin on international platforms. Adding to the analysis, Avocado noted that for Bitcoin to experience a more substantial price increase, buying pressure would need to continue its expansion globally, driven by fear of missing out (FOMO) across multiple regions.
Bitcoin Performance So Far
Notably, Bitcoin’s price performance has reflected the positivity from this buying pressure shift. The asset has seen a significant increase in the past day, rising to above $64,000 in the early hours of Friday.
However, Bitcoin has now seen a slight decrease from this 24-hour high to a trading price of $62,831, at the time of writing down by 0.7% in the past day.According to analysts, Bitcoin major rally is fast approaching. A crypto YouTuber known as Crypto Rover recently on X that the Bitcoin bull market usually starts 170 days after halving.
Rover speculated that as the market currently stands 153 days after the halving, is it possible for history to repeat itself?Usually, the bull market starts 170 days after halving. The market top is 480 days after halving. Currently, we are 153 days after the halving. Will history repeat? — Crypto Rover (@rovercrc)Featured image created with DALL-E, Chart from TradingView