Key Bitcoin price metric used by bulls falls to six-week low, but there’s a silver lining
CoinTelegraph5h agoUpdated 4h ago
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Profit-taking by Bitcoin traders pushed the Coinbase BTC premium to a six-week low, but demand from longer-term traders put a clear support under the range lows....
Key takeaways
- 1Coinbase BTC premium fell to six-week low of -0.087 on May 19 after $1.14 billion profit-taking.
- 2Bitcoin holds above $70,000-$75,000 support zone with 14-day moving average showing recovery trend since February.
- 3Futures buyers absorbed sell pressure with positive net taker volume during recent correction, indicating demand resilience.
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Why it matters
For Indian retail investors, this shows mixed signals: short-term profit-taking pressure versus longer-term institutional accumulation at support levels. The resilience of futures demand and network activity suggest potential recovery, but the breach of $74,800 would signal weakening momentum and test psychological support at $70,000.
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CoinTelegraph8h ago60-word brief
Price predictions 5/20: BTC, ETH, BNB, XRP, SOL, DOGE, HYPE, ADA, ZEC, BCH
Bitcoin looks on track for a rally toward $80,000 while HYPE, ZEC and a handful of altcoins are pushing toward their range highs....
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