The post Bitcoin price forms two BTC futures gaps after Coinbase premium flips negative appeared on BitcoinEthereumNews.com.

Key takeaways: Bitcoin’s Coinbase premium index turned negative for the first time in 15 days, indicating defensive short-term sentiment among US investors. Bitcoin CME futures gaps between support at $92,000-$92,500 and resistance at $96,400-$97,400 suggest a period of range-bound trading. Bitcoin’s Coinbase premium index, which measures the gap between BTC price at Coinbase Pro and Binance exchange, turned negative after a 15-day positive stint, signaling potential bearish sentiment among US investors. This drop coincides with Bitcoin (BTC) slipping below $94,000, and the premium’s decline suggests reduced buying pressure on Coinbase, which is viewed as a proxy for both institutional and retail demand. Bitcoin Coinbase premium. Source: CryptoQuant Cointelegraph reported early signs of selling pressure, with Bitcoin recording over $300 million in negative spot cumulative volume delta (CVD) from April 27 to April 29, indicating sustained sell-side activity. Related: Strategy, Semler bag 2K Bitcoin as price edged toward $100K last week This selling pressure persisted over the weekend, contributing to the price decline, with anonymous crypto analyst Exitpump noting that Bitfinex whales exhibited significant selling pressure compared to Coinbase and Binance.  Additionally, approximately 8,000 BTC in open interest (OI) was removed across futures markets, reflecting reduced leverage. However, recent data shows that the aggregated futures bid-ask delta is turning positive, suggesting potential buying interest in derivatives markets. Bitcoin price, aggregated spot CVD, open interest, and bid-ask delta chart. Source: CoinGlass Bitcoin has futures gaps in both directions  Bitcoin is at a pivotal juncture, trading around $94,000 between two CME futures gaps. The gaps are between $92,000 and $92,500 from two weeks ago and $96,400 and $97,400 from the recent weekend. CME gaps often act as magnets for price action, with historical trends showing a tendency to fill these gaps in a matter of days. Bitcoin CME gaps analysis. Source: Cointelegraph/TradingView Bitcoin is expected…

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Filed under: News - @ May 7, 2025 4:24 am