Some bitcoin indicators are still going the wrong way challenging the bullish $70000 holdout story

What is a market that consistently shrugs off headlines which usually send it to the tumble? You call it resilient with strong demand support.

And in recent weeks, that’s the bitcoin story It was a cryptocurrency which held firm about $70,000 as Iran war rages, oil prices surge and Fed rate-cut bets evaporate. Laugh This type of defiance shouts bullishness.

But hang on, some key indicators are still heading the wrong way, throwing a wrench into that bullish interpretation.

This indicator is the first, called the Coinbase Premium (which measures the price difference between bitcoin on Coinbasa and a Nasdanq-listed Exchange) and on the offshore giant Binance. A high positive premium is usually a strong negative premium for U.S. s. s S Unlike their global counterparts, institutional investors are bidding more aggressively than they do with the same phrase. In bull runs, a high-end coinbase premium has been used for the most part as bitcoin’s initial run to $100,000 in late 2024 was first featured.

Data source Coinglass But the coinbase Premium is at its worst in more than a month so far, right now. Similarly, BTC trades at a discount on Coinbase (in other words) is somewhat less in demand from U.S. A , S. investor in . It was reinstated on March 19 as the discount reappeared and has been growing since then.

Another key indicator – bitcoin ETF inflows, also a proxy for institutional demand – has been underwhelming lately.

The 11 U.S – . S S. bitcoin ETFs, – listed spot where it was $1. SoSoValue This month, a three-month streak of outflows ended with 53 billion in net inflow from so far this month. Yet for almost $1. During the first half, 3 billion came through and the pace was significantly slow to just $195 million since then. But analysts have repeatedly emphasized that regular strong inflows are essential for Bitcoin prices to gain bullish momentum.

Vikram Subburaj, CEO of India-based Giottus Exchange, remarked “This is the sign that institutional demand has not gone away. Yet, it is selective and less linear than in the strongest accumulation phases of s. ‘A ,’ said.

As of writing, bitcoin changed hands at around $70,000, according to CoinDesk data.

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