The Coinbase Premium Index measures the price difference between Bitcoin on Coinbase and other major exchanges and can provide insight into buying or selling pressure from U.S.-based participants.

The latest reading is approximately -0.08, placing the index firmly in negative territory. This indicates that Bitcoin is trading at a discount on Coinbase, suggesting that U.S. spot demand remains relatively weak and selling pressure continues to outweigh aggressive buying on the platform.

More importantly, the index has deteriorated again after briefly moving into positive territory earlier in September. This means Bitcoin’s resilience around $76K-$77K is not currently being supported by particularly strong Coinbase demand.

Therefore, while BTC has handled the Fed’s rate hike without a major technical breakdown, the negative Coinbase Premium suggests caution. A sustained return of the index above zero, particularly alongside a breakout from the descending 4-hour channel, would provide stronger confirmation that spot buyers are returning and that the market may be preparing for another attempt at the $80K-$82.3K resistance region.

Written by ShayanMarkets