BTC spot premium turns negative again. While U.S. stock markets have been closed for the past few days, Coinbase has continued to show spot selling pressure. Although the ETF released a huge buy order last Friday, the price still couldn’t break through the May weekly high. #BTC
In plain terms, the bulls have been “working hard for half a day, but still didn’t break out” 😅
If the #etf spot buy pressure can’t be sustained and the premium can’t return to a positive range, the probability of a pullback this week may be even higher.
The price has already converged for now, so a new direction should come soon. As for the May weekly high, it remains the key level for judging the bull-bear transition.
In plain terms, the bulls have been “working hard for half a day, but still didn’t break out” 😅
If the #etf spot buy pressure can’t be sustained and the premium can’t return to a positive range, the probability of a pullback this week may be even higher.
The price has already converged for now, so a new direction should come soon. As for the May weekly high, it remains the key level for judging the bull-bear transition.
