The Coinbase Bitcoin Premium Index has remained negative for 90 straight days, indicating sustained selling pressure on U.S. exchanges. Bitcoin traded at $62,923.64, down from roughly $79,000 in May, failing to reclaim the $70,000 level. The persistent discount on Coinbase versus Binance signals weaker U.S. spot demand. Technical indicators, including the Relative Strength Index and Bollinger Bands, confirmed bearish momentum throughout the period. While whale wallets accumulated 54,000 Bitcoin since mid-June, this buying failed to shift price action. On-chain data from Glassnode revealed eroding buy-side support beneath current prices, with fewer bids available to cushion potential declines.
The Coinbase Bitcoin Premium Index has remained negative for 90 consecutive days as Bitcoin continues struggling to break above the $70,000 price level last observed in May.
The index calculates the price difference between Bitcoin on Coinbase and Binance, providing an estimate of buying or selling pressure from the U.S. market. A negative reading indicates Bitcoin is trading at a lower price on Coinbase than Binance, with the metric standing at -0.1066% at press time, according to Coinglass data.
The sustained three-month negative premium points to persistent spot weakness on the U.S. side. This pattern does not necessarily portend a bear market or institutional withdrawal from Bitcoin.
Bitcoin dropped from about $79,000 in May to $62,923.64 at the time of writing. The Relative Strength Index remained largely below the neutral level during that period, echoing bearish sentiment.
Bollinger Bands further supported the volatility that has prevented the price from reaching a high bullish threshold. Despite whale wallets purchasing 54,000 more Bitcoin since mid-June, the price action has not changed.
Glassnode analysis revealed that buy-side support below the current price of Bitcoin is eroding. A significant concentration of buy orders below the market existed earlier, particularly in June, creating a solid floor as buyers prepared to absorb selling pressure.
Now, with many of those bids removed, filled, or shifted lower, fewer orders exist directly beneath the price. This weakened liquidity buffer means that if sellers become more aggressive, Bitcoin may move lower more readily.
Although these metrics do not necessarily mean Bitcoin will crash, they suggest the downside has grown more susceptible to extended declines.
