Bitcoin’s price is struggling, trading below $85,000. The whole crypto market is feeling the pressure, with lots of selling. This has many investors worried about a longer bear market.
Coinbase Premium Turns Negative: A Sign of Trouble?
A key indicator, the Coinbase Premium, has gone negative. This means US investors are selling Bitcoin at a lower price than on other exchanges. Historically, a negative premium shows a lack of confidence. For Bitcoin to recover, this premium needs to turn positive again, showing renewed buying interest.
Bitcoin’s Ongoing Struggle
Bitcoin’s price is hovering around $85,000, having lost crucial support at $90,000. Altcoins and meme coins are also facing heavy selling. Bitcoin needs to hold its current support levels to avoid further drops. Data shows significant spot selling, matching the negative Coinbase Premium and bearish sentiment.
What Happens Next?
The price is currently below the 200-day exponential moving average (EMA), but above the 200-day moving average (MA). Since Monday, the price has fallen 18% – a big drop.
If Bitcoin can stay above $85,000, there’s a chance it could climb back towards $88,000. However, a drop below $85,000 could mean further losses, with support levels around $82,000 and $80,000 to watch. The next few days will be critical in determining Bitcoin’s next move. The market is uncertain, and volatility is high.
