Short-term analysis: Coinbase Premium dropped to -100, but Bitcoin price recovered afterwards.

Over the past year, when Coinbase Premium was below -50, Bitcoin price usually rebounded.

Bitcoin has been accumulating in a large range for the past 8 months. If a bear market starts, we will see panic selling with Coinbase Premium going negative, but that has not happened yet.

This shows that people continue to accumulate Bitcoin at low prices, and I believe the bull market is not over.

Written by Avocado_onchain.