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Tag: bitcoin recovery

  • Bitcoin Erases Recovery As Coinbase Users Relentlessly Sell

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    Bitcoin has retraced its recent recovery above $104,000 as data shows the Coinbase Premium Gap has continued to be negative.

    Bitcoin’s Coinbase Premium Gap Has Been Red Recently

    As pointed out by CryptoQuant community analyst Maartunn in a new post on X, investors on Coinbase keep selling Bitcoin. The indicator of relevance here is the “Coinbase Premium Gap,” which measures the difference between the BTC price listed on Coinbase (USD pair) and that on Binance (USDT pair).

    When the value of this metric is positive, it means the asset is trading at a higher rate on Coinbase than Binance. Such a trend suggests the users of the former are applying a higher buying pressure (or lower selling pressure) than those of the latter. On the other hand, the indicator being under the zero mark implies Binance users are the ones participating in a higher amount of accumulation as they have pushed the asset to a higher price on the platform.

    Now, here is the chart shared by Maartunn that shows how the Coinbase Premium Gap has fluctuated over the past week:

    As displayed in the above graph, the Bitcoin Coinbase Premium Gap has stayed mostly in the negative zone during the past week, implying users on Coinbase have been participating in selling. The metric briefly turned neutral-green as the cryptocurrency witnessed a surge back above $104,000, but since then, the indicator’s value has again plummeted, and with it, the BTC price has erased its recovery.

    Since the start of 2024, Bitcoin has often reacted to movements in the Coinbase Premium Gap in a similar manner, showcasing how Coinbase users have been a driving force in the market. The exchange is mainly used by American investors, especially large institutional entities like the spot exchange-traded funds (ETFs), so the Coinbase Premium Gap essentially reflects how the US-based whales differ in behavior from Binance’s global traffic.

    Since the indicator has been red recently, it would appear that the American institutions have been distributing the cryptocurrency. Considering the pattern over the last couple of years, it’s possible that BTC’s recovery might depend on whether a bullish sentiment can return among this cohort.

    In some other news, a movement of old tokens has just been spotted on the Bitcoin blockchain, as Maartunn has highlighted in another X post.

    Bitcoin SOAB

    From the chart, it’s visible that a stack of over 13,000 BTC that has been dormant for between 3 and 5 years has become involved in a transaction, a potential sign that a HODLer may be gearing up for selling.

    BTC Price

    At the time of writing, Bitcoin is trading around $100,200, down almost 9% over the last week.

    Bitcoin Price Chart

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    Keshav Verma

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  • Bitcoin Sentiment Returns Back To Neutral As BTC Breaks $114,000

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    Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

    Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

    In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

    Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

    Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

    Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

    Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

    As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

    Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

    Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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    Keshav Verma

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