Bittime - Cryptocurrency market players were shocked by the decline in Bitcoin (BTC) prices that occurred last Friday. BTC plunged more than 7% to $66,000, following further declines on Sunday.
Interestingly, analysts from CryptoQuant revealed an important signal appeared on the Coinbase Bitcoin Premium Index before this price drop occurred.
Bitcoin Movement on the Coinbase Premium Index
The Coinbase Premium Index is a metric that compares the spot price of Bitcoin on the Coinbase exchange to the global average spot price. The spot price is the price at which an asset, in this case Bitcoin, can be immediately bought or sold. In other words, the Premium Index shows the difference between the purchase price of Bitcoin on Coinbase and the global average price.
Premium Index movements can provide an indication of the supply and demand for Bitcoin on the Coinbase platform. High positive values can indicate strong demand and potential price increases. Conversely, deep negative values could signal selling pressure and a potential price drop.
Check Today's Crypto Market:
| BTC/IDR | SOL/IDR |
| ETH/IDR | USDT/IDR |
| DOGE/IDR | ARB/IDR |
Bearish Signal from Premium Index
According to analysis by CryptoQuant, the Coinbase Premium Index fell below 0.05 hours before the BTC price slumped. Typically, a negative trend in the Premium Index is a bearish signal , indicating a possible short-term correction in the overall bullish trend.
This correction means that the price of Bitcoin is expected to experience a temporary decline before continuing to increase.
In this case, a drop in the Premium Index to negative is a potential signal that demand for Bitcoin is weakening. This can be caused by various factors, such as negative market sentiment, profit taking by investors, or a shift in investor interest to other crypto assets.
BTC Price Today
Source: Bittime
Based on today's Bittime market, BTC prices were observed to have increased 1.74 percent in the last 24 hours. Currently the price of BTC to IDR is IDR 1,064,797,127.
Also Read How to Buy Crypto:
Some Other Opinions Regarding Bitcoin Prices
CryptoCon predicts that Bitcoin will reach a cycle top in the next three to nine months following an ongoing cooling-off period, based on historical data from the Directional Movement Index (DMI), an indicator that assesses an asset's strength and direction while minimizing false signals.
Meanwhile, Bitcoin's plunge on Friday resulted in the liquidation of more than 190,000 traders, with a total value of around $700 million. The largest single liquidation position surpassed $13 million on crypto exchange OKEx.
Recovery for the leading digital asset will likely take a long time, given that unrealized profit margins for short-term holders reached extremely high levels during Bitcoin's rally beyond $73,000.
However, it is important to note that technical analysis like this must be combined with fundamental analysis to make the right investment decisions. Fundamental analysis includes external factors that can influence the price of Bitcoin, such as government regulations, global economic news, and the adoption of blockchain technology.
Check Crypto Prices Today:
How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime .
Monitor price chart movements of Bitcoin (BTC ) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
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How to Trade Bitcoin when the Price Drops
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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