**Short-Term Analysis Suggests Continued Bitcoin Accumulation**

In a recent short-term analysis, it was observed that the Coinbase Premium briefly dropped to -100 points, yet Bitcoin's price has since rebounded. Historically, during the past year's bull market, a drop in Coinbase Premium below -50 has often been followed by a price bounce-back for Bitcoin.

Over the last 8 months, Bitcoin has been consolidating within a large range. Contrary to expectations of panic selling during a bear market when the Coinbase Premium goes negative, such behavior has not been observed. This indicates ongoing accumulation of Bitcoin at lower prices, suggesting that the bull market may not be over yet.