CandleFocus Coinbase Premium Negative Again: What Does This Mean?
2024-09-20
Author: Content Editor
According to a pseudonymous crypto analyst, the negative Coinbase Premium ratio combined with a surge in the Bitcoin price indicates strong buying pressure on Binance, the world's largest cryptocurrency exchange. The analyst suggests that this could lead to a notable rally in the Bitcoin price as FOMO (fear of missing out) expands to various regions. Additionally, other positive indicators include the protection of the $63,500 level on major spot exchanges and a decline in CME futures net positions, indicating that large institutional players may not be aggressively shorting BTC futures anymore. The Bitcoin Fear and Greed index also jumped to a neutral zone for the first time in over three weeks. Overall, the situation is considered quite positive by the analyst.
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