A recent from a CryptoQuant analyst, known by the pseudonym ‘Avocado Onchain,’ has highlighted a notable development in the Bitcoin market.According to the analyst’s observations, the Coinbase Premium, which tracks the price difference between Bitcoin on Coinbase and Binance, has turned negative.This indicates that the price of Bitcoin is lower on Coinbase compared to Binance, a signal that often points to a divergence in across different markets. Buying Pressure Shifts To Global MarketsDespite 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 , there is significant buying pressure on Binance, a major exchange catering to global users.(Click on image to enlarge)
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 #Bitcoin’s price isn’t falling suggests that there is strong buying pressure occurring on Binance.” – By @avocado_onchain… pic.twitter.com/ipZ09cA1JK
— CryptoQuant.com (@cryptoquant_com) September 20, 2024
This buying activity reflects a stronger demand for Bitcoin on international platforms. Adding to the analysis, Avocado noted that for Bitcoin to experience a , buying pressure would need to continue its expansion globally, driven by fear of missing out (FOMO) across multiple regions.According to the analyst, this shift in buying pressure toward Binance is seen as a “positive sign” for Bitcoin’s price trajectory. Bitcoin Performance So FarNotably, 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 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.(Click on image to enlarge)Notably, the increase in BTC price to over $64,000 also resulted in a brief spike in Bitcoin’s market cap valuation, rising by $20 billion to roughly $1.260 trillion before now sitting at $1.242 trillion at the time of writing.According to analysts, Bitcoin major rally is fast approaching. A crypto YouTuber known as Crypto Rover recently on X that the Bitcoin 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?More By This Author:Neiro Price Prediction – Is First Neiro On Ethereum The Next Dogecoin? Bitcoin To Follow U.S. Stock Market All-Time High Solana Flies 12% To Reclaim $140, Is $160 Next?
