{"id":570957,"date":"2024-01-23T20:30:49","date_gmt":"2024-01-23T20:30:49","guid":{"rendered":"https:\/\/www.wncen.com\/?p=570957"},"modified":"2024-06-11T07:03:31","modified_gmt":"2024-06-11T07:03:31","slug":"analyst-rapid-price-recovery-likely-bitcoin-why","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/analyst-rapid-price-recovery-likely-bitcoin-why\/","title":{"rendered":"Analyst Says “Rapid Price Recovery” Is Likely For Bitcoin, Here’s Why"},"content":{"rendered":"

An analyst has explained that a Bitcoin price recovery may be highly likely based on this pattern forming in a metric.<\/p>\n

Bitcoin Coinbase Premium Gap Is Becoming Less Negative<\/h2>\n

In a CryptoQuant Quicktake post<\/a>, an analyst pointed out how the selling pressure on Coinbase has been diminishing recently. The relevant indicator here is the “Coinbase Premium Gap<\/a>,” which keeps track of the difference between the Bitcoin prices listed on cryptocurrency exchanges Coinbase and Binance.<\/p>\n

When the value of this metric is positive, it means that the price listed on Coinbase is greater than that on Binance right now. Such a trend suggests either the buying pressure on the former is higher or the selling pressure is lower.<\/p>\n

Related Reading: XRP Buy Signal That Resulted In 60% Rally Has Gone Off Again<\/a><\/div>\n

On the other hand, negative values imply the buying pressure on Binance may be greater as the price of the cryptocurrency listed there is higher.<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin Coinbase Premium Gap over the last couple of weeks:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric appears to have been negative recently | Source: CryptoQuant<\/a><\/pre>\n
Between the start of the month and around the time the Bitcoin spot ETFs<\/a> went live, the Coinbase Premium Gap had remained optimistic, implying that buying pressure on the exchange had been stronger.<\/p>\n
The exchange is popularly known to be used by US institutional investors<\/a>, so it’s possible that the positive premium was due to these large entities constantly accumulating in the leadup to the ETFs.<\/p>\n
The chart reveals that the Coinbase Premium Gap took a sharp plunge into negative territory once this event was over, implying that the American holders significantly increased their selling pressure.<\/p>\n
Coinciding with this negative spike, Bitcoin observed its first major post-ETF plunge. This event started the indicator’s extended run inside the red zone, a sharp contrast to its trend in the year thus far.<\/p>\n
Almost a week after this first crash, the cryptocurrency registered another sharp plummet, and with this drawdown, too, the selling pressure on Coinbase went up.<\/p>\n
During the past few days, BTC has experienced another wave of price drops, but this time, the Coinbase Premium Gap hasn’t reached highly negative values. Instead, the indicator even briefly revisited the neutral mark during this plunge.<\/p>\n
Related Reading: Ethereum Futures Market Cool Off Sets Stage For ETH To Rally: Quant<\/a><\/div>\n
This would imply that the selling pressure from the US institutional traders may now be weakening. While they are still likely selling, the degree of their selling isn’t much higher than that of the global investors who use Binance.<\/p>\n
“In the current range, there is a high likelihood of a rapid price recovery,” the analyst says, based on this pattern that has taken shape in the Coinbase Premium Gap.<\/p>\n
BTC Price<\/h2>\n
Following the latest drawdown, Bitcoin has broken under the $39,000 level for the first time since the start of December.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the price of the asset has been going down recently | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Shutterstock.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
An analyst has explained that a Bitcoin price recovery may be highly likely based on this pattern forming in a metric. Bitcoin Coinbase Premium Gap Is Becoming Less Negative In a CryptoQuant Quicktake post, an analyst pointed out how the selling pressure on Coinbase has been diminishing recently. The relevant indicator here is the “Coinbase Premium Gap,” which keeps track of the difference between the Bitcoin prices listed on cryptocurrency exchanges Coinbase and Binance. When the value of this metric is positive, it means that the price listed on Coinbase is greater than that on Binance right now. Such a trend suggests either the buying pressure on the former is higher or the selling pressure is lower. Related Reading: XRP Buy Signal That Resulted In 60% Rally Has Gone Off Again On the other hand, negative values imply the buying pressure on Binance may be greater as the price of the cryptocurrency listed there is higher. Now, here is a chart that shows the trend in the Bitcoin Coinbase Premium Gap over the last couple of weeks: The value of the metric appears to have been negative recently | Source: CryptoQuant Between the start of the month and around the time the Bitcoin spot ETFs went live, the Coinbase Premium Gap had remained optimistic, implying that buying pressure on the exchange had been stronger. The exchange is popularly known to be used by US institutional investors, so it’s possible that the positive premium was due to these large entities constantly accumulating in the leadup to the ETFs. The chart reveals that the Coinbase Premium Gap took a sharp plunge into negative territory once this event was over, implying that the American holders significantly increased their selling pressure. Coinciding with this negative spike, Bitcoin observed its first major post-ETF plunge. This event started the indicator’s extended run inside the red zone, a sharp contrast to its trend in the year thus far. Almost a week after this first crash, the cryptocurrency registered another sharp plummet, and with this drawdown, too, the selling pressure on Coinbase went up. During the past few days, BTC has experienced another wave of price drops, but this time, the Coinbase Premium Gap hasn’t reached highly negative values. Instead, the indicator even briefly revisited the neutral mark during this plunge. Related Reading: Ethereum Futures Market Cool Off Sets Stage For ETH To Rally: Quant This would imply that the selling pressure from the US institutional traders may now be weakening. While they are still likely selling, the degree of their selling isn’t much higher than that of the global investors who use Binance. “In the current range, there is a high likelihood of a rapid price recovery,” the analyst says, based on this pattern that has taken shape in the Coinbase Premium Gap. BTC Price Following the latest drawdown, Bitcoin has broken under the $39,000 level for the first time since the start of December. Looks like the price of the asset has been going down recently | Source: BTCUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":570982,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,87965,86244,91284,6481,16924,1119,1144,1393],"class_list":["post-570957","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-coinbase-premium","tag-bitcoin-coinbase-premium-gap","tag-bitcoin-price-recovery","tag-bitcoin-rally","tag-bitcoin-recovery","tag-btc","tag-btcusd","tag-coinbase"],"acf":[],"yoast_head":"\nAnalyst Says "Rapid Price Recovery" Is Likely For Bitcoin, Here's Why<\/title>\n<meta name=\"description\" content=\"An analyst has explained that 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/www.wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Analyst Says “Rapid Price Recovery” Is Likely For Bitcoin, Here’s Why","url":"http:\/\/www.wncen.com\/news\/analyst-rapid-price-recovery-likely-bitcoin-why\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.wncen.com\/news\/analyst-rapid-price-recovery-likely-bitcoin-why\/"},"thumbnailUrl":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/01\/shutterstock_1922249036.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/01\/shutterstock_1922249036.jpg?fit=5334%2C3000"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin coinbase premium","bitcoin coinbase premium gap","bitcoin price recovery","bitcoin rally","bitcoin recovery","btc","btcusd","coinbase"],"dateCreated":"2024-01-23T20:30:49Z","datePublished":"2024-01-23T20:30:49Z","dateModified":"2024-06-11T07:03:31Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Analyst Says “Rapid Price Recovery” Is Likely For Bitcoin, Here’s Why\",\"url\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/analyst-rapid-price-recovery-likely-bitcoin-why\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/analyst-rapid-price-recovery-likely-bitcoin-why\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/shutterstock_1922249036.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/shutterstock_1922249036.jpg?fit=5334%2C3000\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin coinbase premium\",\"bitcoin coinbase premium gap\",\"bitcoin price recovery\",\"bitcoin rally\",\"bitcoin recovery\",\"btc\",\"btcusd\",\"coinbase\"],\"dateCreated\":\"2024-01-23T20:30:49Z\",\"datePublished\":\"2024-01-23T20:30:49Z\",\"dateModified\":\"2024-06-11T07:03:31Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/01\/shutterstock_1922249036.jpg?fit=5334%2C3000","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/570957"}],"collection":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/comments?post=570957"}],"version-history":[{"count":0,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/570957\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media\/570982"}],"wp:attachment":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media?parent=570957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/categories?post=570957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/tags?post=570957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}