Bitcoin Coinbase premium turns negative as BTC price stalls under $63K
Bitcoin price stagnates below $63,000 as on-chain data highlights an uptick in selling activity.
Bitcoin (BTC) dropped briefly below $62,000 after reaching an Oct. 7 high of $64,448. Although the weekly open had restorted traders’ hopes for a bullish October, today’s pullback to $62,000 signals that bulls are not in control just yet.
Bitcoin 1-hour chart. Source: Trading View
Data from CryptoQuant highlights that the Coinbase premium has remained largely negative since the beginning of October, illustrating a lack of demand from Coinbase traders.
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Author: Biraajmaan Tamuly
