Bitcoin price generates two BTC futures gaps after Coinbase Premium Flips negative

Key Takeaways:

• Bitcoin’s Coinbase Premium Premium became negative for the first time in 15 days, indicating a defensive short -term sentiment to US investors.

• The Bitcoin CME futures gaps between support at $ 92,000- $ 92,500 and resistance to $ 96,400- $ 97,400 suggests a trading period bound to the range.

Bitcoin’s Coinbase Premium Index.

This drop coincides with Bitcoin (Btc) Slipping below $ 94,000, and premium denial suggests reduced purchase pressure on Coinbase, viewed as a proxy for both Institution and retail.

Cointelegraph reported Early signs of pressure sale, with Bitcoin recording more than $ 300 million in a negative place of the Delta (CVD) aggregate area from April 27 to April 29, indicating prolonged seller activity.

Related: strategy, semler bag 2k bitcoin as price edged towards $ 100k last week

The sale of this pressure continued on the weekend, contributing to the decline in price, with an unidentified crypto analyst exitpump Noting Bitfinex whales showed significant sale pressure compared to Coinbase and Binance.

In addition, approximately 8,000 BTCs in open interest (OI) are removed in the markets in futures, reflecting reduced action. However, recent data shows that the integrated futures bid-ask Delta becomes positive, suggesting a potential purchase of interest in derivatives markets.

Bitcoin has futures gaps in the same direction

Bitcoin is in a pivotal juncture, trading around $ 94,000 between two CME futures gaps. The gaps were between $ 92,000 and $ 92,500 from two weeks ago and $ 96,400 and $ 97,400 from the previous weekend. CME GAPS Usually act as magnets for price action, with historical trends showing a tendency to fill these gaps for a few days.

Bitcoin is expected to try at least one space this week, with a potential fall to $ 92,000 more likely after Bitcoin failed to hold its position above the 200-day simple transfer of average (blue line).

Bitcoin has lost its position above the 200-day SMA for the first time since April 11, probably indicating a shift of trend in the lower time (LTF) chart.

However, choppy price action is likely in the short term due to overhead resistance to $ 97,000- $ 98,000 (CME Gap 1) and the main support of $ 93,000, where many levels of liquidity are present.

Crypto trader Ub taught There are many major areas of interest to be watched on X, stating:

“Things are pretty clean in terms of basic levels. $ 95.5k & $ 91.9k. Personally I’m not interested in a bitcoin trade unless the price is at one of the above levels. A recovery of $ 95.5k will be a clear long at $ 99.1k.”

Related: What would be the price of bitcoin if gold hit $ 5k?

This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.