The new market data raises concerns about the short-term price progress of Bitcoin ($BTC). As per the data from a CryptoQuant analyst, the Bitcoin Coinbase Premium Index shows rising selling pressure from the investors in the U.S. The analyst took to social media to reflect on the present market conditions surrounding Bitcoin and their likely implications.
Bitcoin Hit by a Sheer Selling Pressure in U.S.
The analyst mentioned that the Bitcoin Coinbase Premium Index has plunged. This reportedly highlights the increasing selling pressure that is coming from the investors within the U.S. In this respect, it also points toward the potential implications for the overall market dynamics. The Bitcoin Coinbase Premium works as a measure the difference in percentage between Bitcoin’s price on Binance and Coinbase. The spike in the position of this index indicates a resilient buying demand among U.S.-based investors. On the other hand, the decrease in the respective index signifies a selling pressure among these investors.
At the moment, Bitcoin is changing hands at $94,574.43. This price level shows a 0.02% price dip over the past twenty-four hours. In addition to this, the top crypto asset has seen a 2.95% slump in the recent week. Moreover, its 1-month price movement denotes a 0.73% plunge. Apart from that, its 24-hour trading volume highlights a 27.87% decrease.
The Rising Selling Pressure Leads to Short-Term Price Stagnation
Based on these statistics, the current stagnation in the Bitcoin price has emerged from the mounting selling pressure caused by the U.S. investors. Hence, according to the CryptoQuant analyst, the current slump in the Bitcoin Coinbase Premium Index reflects a declining investor interest in the U.S.
